§ 105-277.13. Taxation of improvements on brownfields. - North Carolina Statutes

§105‑277.13.  Taxation of improvements on brownfields.

(a)        Qualifyingimprovements on brownfields properties are designated a special class ofproperty under Article V, Sec. 2(2) of the North Carolina Constitution andshall be appraised, assessed, and taxed in accordance with this section. Anowner of land is entitled to the partial exclusion provided by this section forthe first five taxable years beginning after completion of qualifyingimprovements made after the later of July 1, 2000, or the date of thebrownfields agreement. After property has qualified for the exclusion providedby this section, the assessor for the county in which the property is locatedshall annually appraise the improvements made to the property during the periodof time that the owner is entitled to the exclusion.

(b)        For the purposes ofthis section, the terms "qualifying improvements on brownfieldsproperties" and "qualifying improvements" mean improvements madeto real property that is subject to a brownfields agreement entered into by theDepartment of Environment and Natural Resources and the owner pursuant to G.S.130A‑310.32.

(c)        The following tableestablishes the percentage of the appraised value of the qualified improvementsthat is excluded based on the taxable year:

Year                                                        Percentof Appraised Value Excluded

Year 1                                                                         90%

Year 2                                                                         75%

Year 3                                                                         50%

Year 4                                                                         30%

Year 5                                                                         10%.

 (2000‑158,s. 1.)