§ 105-602. Scope of tax. - North Carolina Statutes

§ 105‑602.  Scope oftax.

(a)        Scope. – A taxlevied under this Article does not apply to transfers exempt pursuant to G.S.105‑228.28 or G.S. 105‑228.29 from the tax levied by Article 8E ofthis Chapter. The tax is in addition to the tax levied by Article 8E of thisChapter. A tax levied under this Article applies to transfers of interests inreal property located within the county. If the property is located in two ormore counties, a transfer of an interest in the property is taxable only by thecounty in which the greater part of the property, with respect to value, lies.

(b)        Basis and EffectiveDate. – A tax levied under this Article applies to the consideration or value,whichever is greater, of the interest conveyed, including the value of any lienor encumbrance remaining on the property at the time of conveyance. The levy ofthe tax may become effective only on the first day of a calendar month set inthe resolution levying the tax, which may not be earlier than the first day ofthe second succeeding calendar month after the date the resolution is adopted. (2007‑323, s.31.17(a).)