North Carolina § 105-278 - Historic properties.

§ 105-278. Historic properties.

Real property designated as a historic property by a local ordinance adopted pursuant to former G.S. 160A-399.4 or designated as a historic landmark by a local ordinance adopted pursuant to G.S. 160A-400.5 is designated a special class of property under authority of Article V, Sec. 2(2) of the North Carolina Constitution. Property so classified shall be taxed uniformly as a class in each local taxing unit on the basis of fifty percent (50%) of the true value of the property as determined pursuant to G.S. 105-285 and 105-286, or 105-287. The difference between the taxes due on the basis of fifty percent (50%) of the true value of the property and the taxes that would have been payable in the absence of the classification provided for in subsection (a) shall be a lien on the property of the taxpayer as provided in G.S. 105-355(a). The taxes shall be carried forward in the records of the taxing unit or units 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 the benefit of this classification as a result of a disqualifying event. A disqualifying event occurs when there is a change in an ordinance designating a historic property or a change in the property, other than by fire or other natural disaster, that causes the property's historical significance to be lost or substantially impaired. In addition to the provisions in G.S. 105-277.1F, no deferred taxes are due and all liens arising under this subsection are extinguished when the property's historical significance is lost or substantially impaired due to fire or other natural disaster. History (1977, c. 869, s. 2; 1981, c. 501; 1989, c. 706, s. 3.1; 2005-435, s. 38; 2006-162, s. 28; 2008-35, s. 2.5; 2010-95, s. 17.) Editor's Note. - Section 160A-399.4, referred to in subsection (a) of this section, was repealed by Session Laws 1989, c. 706, s. 1. See now G.S. 160A-400.5. 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 (b) 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 2005-435, s. 38, effective January 1, 2006, substituted "G.S. 160A-400.7" for "G.S. 160A-399.4" in the introductory language of subsection (a) and made a minor stylistic change. Session Laws 2006-162, s. 28, effective July 24, 2006, in the first sentence of subsection (a), substituted "property" for "structure or site" near the beginning and substituted "former G.S. 160A-399.4" for "G.S. 160A-400.7" near the middle. Session Laws 2008-35, s. 2.5, effective for taxes imposed for taxable years beginning on or after July 1, 2008, rewrote subsection (b). Session Laws 2010-95, s. 17, effective July 17, 2010, added the last sentence in subsection (b). Legal Periodicals. - For article, "A Decade of Preservation and Preservation Law," see 11 N.C. Cent. L.J. 214 (1980).