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~~ <br />GENERAL ASSEMBLY OF NORTH CAROLINA <br />SESSION 2003 <br />SENATE BILL 512 <br />Short Title: Auto Property Tax Changes. (Public) <br />Sponsors: Senators Rucho; Apodaca, Ballantine, Berger, <br />Bingham, Blake, Brock, Carpenter, Carrington, Forrester, Foxx, <br />Garwood, Hartsell, Horton, Pittenger, Smith, Tillman, and <br />Webster. <br />Referred to: Finance. <br />March 24, 2003 <br />A BILL TO BE ENTITLED <br />AN ACT TO PROVIDE A METHOD FOR VALUATION OF MOTOR VEHICLES FOR <br />PROPERTY TAX PURPOSES. <br />The General Assembly of North Carolina enacts: <br />SECTION 1. G.S. 105-330.2 (b) reads as rewritten: <br />"(b)Value; Appeal. - A classified motor vehicle shall be <br />appraised by the assessor at its true value in money as <br />prescribed by G.S. 105-283. The value of a motor vehicle is <br />resumed to be its trade-in value, as set in a schedule of motor <br />vehicle values ado ted b the De artment of Revenue, whose <br />values do not exceed the trade-in values of motor vehicles as <br />ublished in a reco nized automotive reference manual. The <br />owner of a classified motor vehicle may appeal the appraised <br />value of the vehicle in the manner provided by G.S. 105-312 (d) <br />for appeals in the case of discovered property and may appeal <br />the situs or taxability of the vehicle in the manner provided by <br />G.S. 105-381. The owner of a classified motor vehicle must file <br />an appeal of appraised value with the assessor within 30 days <br />after the date of the tax notice prepared pursuant to G.S. <br />105-330.5. Notwithstanding G.S. 105-312(d), an owner who appeals <br />the appraised value of a classified motor vehicle shall pay the <br />tax on the vehicle when due, subject to a full or partial refund <br />if the appeal is decided in the owner's favor." <br />SECTION 2. This act is effective for taxes <br />imposed for taxable years beginning on or after July 1, 2003. <br />4/1/2003 12:31 PM <br />1 of 1 <br />