§ 105-278. Historic properties. - North Carolina Statutes

§ 105‑278.  Historicproperties.

(a)        Real propertydesignated as a historic property by a local ordinance adopted pursuant toformer G.S. 160A‑399.4 or designated as a historic landmark by a localordinance adopted pursuant to G.S. 160A‑400.5 is designated a specialclass of property under authority of Article V, Sec. 2(2) of the North CarolinaConstitution. Property so classified shall be taxed uniformly as a class ineach local taxing unit on the basis of fifty percent (50%) of the true value ofthe property as determined pursuant to G.S. 105‑285 and 105‑286, or105‑287.

(b)        (Effective fortaxes imposed for taxable years beginning before July 1, 2008) Thedifference between the taxes due on the basis of fifty percent (50%) of thetrue value of the property and the taxes that would have been payable in theabsence of the classification provided for in subsection (a) shall be a lien onthe property of the taxpayer as provided in G.S. 105‑355(a) and shall becarried forward in the records of the taxing unit or units as deferred taxes,but shall not be payable until the property loses its eligibility for thebenefit of this classification because of a change in an ordinance designatinga historic property or a change in the property, except by fire or other naturaldisaster, which causes its historical significance to be lost or substantiallyimpaired. The tax for the fiscal year that opens in the calendar year in whicha disqualification occurs shall be computed as if the property had not beenclassified for that year, and taxes for the preceding three fiscal years thathave been deferred as provided herein shall be payable immediately, togetherwith interest thereon as provided in G.S. 105‑360 for unpaid taxes, whichshall accrue on the deferred taxes as if they had been payable on the dates onwhich they originally became due. If only a part of the historic property losesits eligibility for the classification, a determination shall be made of theamount of deferred taxes applicable to that part, and the amount shall bepayable with interest as provided above.

(b)        (Effective fortaxes imposed for taxable years beginning on or after July 1, 2008) Thedifference between the taxes due on the basis of fifty percent (50%) of thetrue value of the property and the taxes that would have been payable in theabsence of the classification provided for in subsection (a) shall be a lien onthe property of the taxpayer as provided in G.S. 105‑355(a). The taxesshall be carried forward in the records of the taxing unit or units 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 thebenefit of this classification as a result of a disqualifying event. Adisqualifying event occurs when there is a change in an ordinance designating ahistoric property or a change in the property, other than by fire or othernatural disaster, that causes the property's historical significance to be lostor substantially impaired.  (1977, c. 869, s. 2; 1981, c. 501; 1989, c. 706, s.3.1; 2005‑435, s. 38; 2006‑162, s. 28; 2008‑35, s. 2.5.)