§ 146-22.3. Acquisition of land to be used to restore, enhance, preserve, or create wetlands. - North Carolina Statutes

§ 146‑22.3.  Acquisitionof land to be used to restore, enhance, preserve, or create wetlands.

(a)        Payment. – A Stateagency that acquires land by purchase for the purpose of restoring, enhancing,preserving, or creating wetlands as required by a permit or an authorizationissued by the United States Army Corps of Engineers under 33 U.S.C. § 1344 mustpay to the county in which the land is located, as reimbursement, a sum equalto the estimated amount of ad valorem taxes that would have accrued to the countyfor the next 20 years had the land not been acquired by the State agency.

(b)        Exception. – Thissection does not apply when the land purchased by the State agency and thewetlands permitted to be lost are located in the same county. In othercircumstances, the governing body of the county and the State agency may enterinto a written agreement to waive payment.

(c)        Amount. – Theestimated amount of ad valorem taxes that would have accrued for the next 20years is the total assessed value of the acquired land excluded from thecounty's tax base multiplied by the tax rate set by the county board ofcommissioners in its most recent budget ordinance adopted under Chapter 159 ofthe General Statutes, and then multiplied by 20.

(d)        Application. – Thissection applies only to land acquired in counties designated as a developmenttier one area under G.S. 143B‑437.08. (2004‑188, s. 4; 2006‑252, s. 2.14.)