§ 105-277.1F. Uniform provisions for payment of deferred taxes. - North Carolina Statutes

§ 105‑277.1F.  Uniformprovisions for payment of deferred taxes.

(a)        Scope. – Thissection applies to the following deferred tax programs:

(1)        G.S. 105‑275(29a),historic district property held as future site of historic structure.

(2)        G.S. 105‑277.1B,the property tax homestead circuit breaker.

(2a)      (Effective fortaxes imposed for taxable years beginning on or after July 1, 2010. See notefor repeal.) G.S. 105‑277.1D, the inventory property tax deferral.

(3)        G.S. 105‑277.4(c),present‑use value property.

(4)        G.S. 105‑277.14,working waterfront property.

(4a)      (Effective fortaxes imposed for taxable years beginning on or after July 1, 2010) G.S.105‑277.15, wildlife conservation land.

(5)        G.S. 105‑278(b),historic property.

(6)        G.S. 105‑278.6(e),nonprofit property held as future site of low‑ or moderate‑incomehousing.

(b)        Payment. – Taxesdeferred on property under a deferral program listed in subsection (a) of thissection are due and payable on the day the property loses its eligibility forthe deferral program as a result of a disqualifying event. If only a part ofproperty for which taxes are deferred loses its eligibility for deferral, theassessor must determine the amount of deferred taxes that apply to that partand that amount is due and payable. Interest accrues on deferred taxes as ifthey had been payable on the dates on which they would have originally becomedue.

The tax for the fiscal yearthat begins in the calendar year in which the deferred taxes are due andpayable is computed as if the property had not been classified for that year. Alien for deferred taxes is extinguished when the taxes are paid.

All or part of the deferredtaxes that are not due and payable may be paid to the tax collector at any timewithout affecting the property's eligibility for deferral. A partial payment isapplied first to accrued interest.  (2008‑35, s. 2.2; 2008‑107, s. 28.11(h);2008‑171, s. 2; 2009‑308, s. 3.)