§ 105-277.14. (Effective for taxes imposed for taxable years beginning on or after July 1, 2009) Taxation of working waterfront property. - North Carolina Statutes

§ 105‑277.14. (Effective for taxes imposed for taxable years beginning on or after July 1,2009) Taxation of working waterfront property.

(a)        Definitions. – Thefollowing definitions apply in this section:

(1)        Coastal fishingwaters. – Defined in G.S. 113‑129.

(2)        Commercial fishingoperation. – Defined in G.S. 113‑168.

(3)        Fish processing. – Processingfish, as defined in G.S. 113‑129, for sale.

(4)        Working waterfrontproperty. – Any of the following property that has, for the most recent three‑yearperiod, produced an average gross income of at least one thousand dollars($1,000):

a.         A pier that extendsinto coastal fishing waters and limits access to those who pay a fee.

b.         Real property thatis adjacent to coastal fishing waters and is primarily used for a commercialfishing operation or fish processing, including adjacent land that is underimprovements used for one of these purposes.

(b)        Classification. – Workingwaterfront property is designated a special class of property under Section2(2) of Article V of the North Carolina Constitution and must be appraised,assessed, and taxed on the basis of the value of the property in its presentuse rather than on its true value. Working waterfront property includes landreasonably necessary for the convenient use of the property.

(c)        Deferred Taxes. – Thedifference between the taxes that are due on working waterfront property taxedon the basis of its present use and that would be due if the property weretaxed on the basis of its true value is a lien on the property. The differencein taxes must be carried forward in the records of each taxing unit as deferredtaxes. The deferred taxes for the preceding three fiscal years are due andpayable in accordance with G.S. 105‑277.1F when the property loses itseligibility for deferral as a result of a disqualifying event. A disqualifyingevent occurs when the property no longer qualifies as working waterfrontproperty.

(d)        Repealed by SessionLaws 2009‑445, s. 23(b), effective August 7, 2009.  (2007‑485, s. 1; 2008‑35,s. 2.4; 2009‑445, s. 23(b).)