North Carolina § 105-277 - 14. Taxation of working waterfront property.

§ 105-277. 14. Taxation of working waterfront property.

Definitions. - The following definitions apply in this section: Coastal fishing waters. - Defined in G.S. 113-129. Commercial fishing operation. - Defined in G.S. 113-168. Fish processing. - Processing fish, as defined in G.S. 113-129, for sale. Working waterfront property. - Any of the following property that has, for the most recent three-year period, produced an average gross income of at least one thousand dollars ($1,000): A pier that extends into coastal fishing waters and limits access to those who pay a fee. Real property that is adjacent to coastal fishing waters and is primarily used for a commercial fishing operation or fish processing, including adjacent land that is under improvements used for one of these purposes. Classification. - Working waterfront property is designated a special class of property under Section 2(2) of Article V of the North Carolina Constitution and must be appraised, assessed, and taxed on the basis of the value of the property in its present use rather than on its true value. Working waterfront property includes land reasonably necessary for the convenient use of the property. Deferred Taxes. - The difference between the taxes that are due on working waterfront property taxed on the basis of its present use and that would be due if the property were taxed on the basis of its true value is a lien on the property. The difference in taxes must be carried forward in the records of each taxing unit as deferred taxes. The deferred taxes for the preceding three fiscal years are due and payable in accordance with G.S. 105-277.1F when the property loses its eligibility for deferral as a result of a disqualifying event. A disqualifying event occurs when the property no longer qualifies as working waterfront property. Repealed by Session Laws 2009-445, s. 23(b), effective August 7, 2009. History (2007-485, s. 1; 2008-35, s. 2.4; 2009-445, s. 23(b).) Editor's Note. - Session Laws 2007-485, s. 7, made this section effective for taxes imposed for taxable years beginning on or after July 1, 2009. Session Laws 2008-107, s. 28.11(h), provides, in part, that the Revisor of Statutes is authorized to correct any reference or citation in the General Statutes to any portion of Session Laws 2008-35 that is recodified or amended by Session Laws 2008-107, s. 28.11(h) by deleting incorrect references and substituting correct references. The reference to G.S. 105-277.1 C in subsection (c) has been changed to G.S. 105-277.1 F. Session Laws 2008-107, s. 1.2, provides: "This act shall be known as 'The Current Operations and Capital Improvements Appropriations Act of 2008'." Session Laws 2008-107, s. 30.3, provides: "Except for statutory changes or other provisions that clearly indicate an intention to have effects beyond the 2008-2009 fiscal year, the textual provisions of this act apply only to funds appropriated for, and activities occurring during, the 2008-2009 fiscal year." Session Laws 2008-107, s. 30.5 is a severability clause. Effect of Amendments. - Session Laws 2008-35, s. 2.4, effective for taxes imposed for taxable years beginning on or after July 1, 2008, rewrote subsection (c). Session Laws 2009-445, s. 23(b), effective August 7, 2009, deleted subsection (d), which read: "Application. - To obtain the benefit of this section, the owner of working waterfront property must submit an application for classification and exclusion to the assessor of the county in which the property is located, and the assessor must approve the application. An application must contain the information and be in the form required by the assessor. An initial application must be filed during the regular listing period of the year for which the benefit of this classification is first claimed or within 30 days of the date shown on a notice of change in valuation made pursuant to G.S. 105-286 or G.S. 105-287 . A new application is not required to be submitted unless the property is transferred or becomes ineligible for classification under this section."