§ 105-277.12. Antique airplanes. - North Carolina Statutes

§ 105‑277.12.  Antiqueairplanes.

(a)        For the purpose ofthis section, the term "antique airplane" means an airplane thatmeets all of the following conditions:

(1)        It is registeredwith the Federal Aviation Administration and is a model year 1954 or older.

(2)        It is maintainedprimarily for use in exhibitions, club activities, air shows, and other publicinterest functions.

(3)        It is used onlyoccasionally for other purposes.

(4)        It is used by theowner for a purpose other than the production of income.

(b)        Antique airplanesare designated a special class of property under Article V, Sec. 2(2) of theNorth Carolina Constitution and shall be assessed for taxation in accordancewith this section. An antique airplane shall be assessed at the lower of itstrue value or five thousand dollars ($5,000). (1997‑355, s. 1.)