§ 105-277. Property classified for taxation at reduced rates; certain deductions. - North Carolina Statutes

§ 105‑277.  Propertyclassified for taxation at reduced rates; certain deductions.

(a)        through (c)Repealed by Session Laws 1987, c. 813, s. 9, effective for taxable yearsbeginning on or after January 1, 1988.

(d)        All bona fideindebtedness incurred in the purchase of fertilizer and fertilizer materialsowing by a taxpayer as principal debtor may be deducted from the total value ofall fertilizer and fertilizer materials as are held by such taxpayer for hisown use in agriculture during the current year.

(e)        Repealed by SessionLaws 1987, c. 813, s. 9, effective for taxable years beginning on or afterJanuary 1, 1988.

(f)         Repealed bySession Laws 1977, c. 869, s. 1.

(g)        Buildings equippedwith a solar energy heating or cooling system, or both, are hereby designated aspecial class of property under authority of Article V, Sec. 2(2) of the NorthCarolina Constitution. Such buildings shall be assessed for taxation inaccordance with each county's schedules of value for buildings equipped withconventional heating or cooling systems and no additional value shall beassigned for the difference in cost between a solar energy heating or coolingsystem and a conventional system typically found in the county. As used in thisclassification, the term "system" includes all controls, tanks,pumps, heat exchangers and other equipment used directly and exclusively forthe conversion of solar energy for heating or cooling. The term"system" does not include any land or structural elements of thebuilding such as walls and roofs nor other equipment ordinarily contained inthe structure.

(h)        Private WaterCompanies. – Contributions in aid of construction and acquisition adjustments.In assessing the property of any private water company, there shall be excludedthat portion of the investment of the company represented by contributions inaid of construction and by acquisition adjustments which is designated aspecial class of property under Article V, Sec. 2(2) of the Constitution."Investment," "contributions in aid of construction" and"acquisition adjustment" shall have the meanings as those terms aredefined in the Uniform System of Accounts specified by the North CarolinaUtilities Commission for use by such private water company.

(i)         Repealed bySession Laws 1987, c. 622, s. 5. (1947, c. 1026; 1955, c. 697, s. 1; 1961, c. 1169, ss.6, 7, 71/2; 1963, c. 940; 1971, c. 806, s. 1; 1973, c. 511, s. 4; c. 695, s. 2;1975, c. 578; 1977, c. 869, s. 1; c. 965; 1979, c. 605, s. 1; 1985, c. 440; c.656, ss. 52, 52.1; 1985 (Reg. Sess., 1986), c. 947, s. 5; 1987, c. 622, s. 5;c. 813, s. 9; 2003‑416, s. 20.)