NORTH CAROLINA GENERAL ASSEMBLY
1975 SESSION

CHAPTER 578
HOUSE BILL 540

AN ACT TO CLASSIFY CERTAIN HISTORIC PROPERTIES FOR AD VALOREM TAXATION.

The General Assembly of North Carolina enacts:

Section 1.  Section 105-277 of the North Carolina General Statutes as it appears in the 1974 Cumulative Supplement to Volume 2D of the General Statutes is amended by adding a new subsection (f) to read as follows:
"(f)	Historic properties. — (1) Real property designated as historic property by a local ordinance adopted pursuant to G.S. 160A-399.4 is hereby designated a special class of property under authority of Article V, Section 2(2), of the North Carolina Constitution. Historic property so classified shall be taxed upon annual application of the property owner uniformly as a class in each local taxing unit at fifty percent (50%) of the rate levied for all purposes upon real and tangible personal property by the taxing unit or units in which the historic property is listed for taxation.
(2)	The difference between the taxes due on the basis of fifty percent (50%) of the full tax rate and the taxes that would have been payable in the absence of the classification provided for in subdivision (1) of this subsection (f) shall be a lien on the real property of the taxpayer as provided in G.S. 105-355(a) and shall be carried forward in the records of the taxing unit or units as deferred taxes, but shall not be payable until the property loses its eligibility for the benefit of this classification because of a change in a local historic properties ordinance or any other reason. The tax for the fiscal year that opens in the calendar year in which a disqualification occurs shall be computed as if the property had not been classified for that year, and taxes for the preceding five fiscal years that have been deferred as provided herein shall be payable immediately, together with interest thereon as provided in G.S. 105-360 for unpaid taxes, which shall accrue on the deferred taxes as if they had been payable on the dates on which they originally became due. If only a part of the historic property loses its eligibility for the classification, a determination shall be made of the amount of deferred taxes applicable to that part, and the amount shall be payable with interest as provided above."
Sec. 2.  This act shall become effective January 1, 1976.
In the General Assembly read three times and ratified, this the 12th day of June, 1975.