§ 146-22.5. Reimbursement of payment in lieu of future ad valorem taxes. - North Carolina Statutes

§ 146‑22.5. Reimbursement of payment in lieu of future ad valorem taxes.

(a)        If a State agencyacquires land under G.S. 146‑22.3 or G.S. 146‑22.4 and later usesthis land to mitigate wetlands permitted to be lost in the same county, thenthe county shall reimburse the State agency. The reimbursement shall equal theestimated amount of ad valorem taxes paid for the land in accordance with G.S.146‑22.3 minus ten percent (10%) of this amount multiplied by the numberof years the State agency held the land before the wetlands were lost.

(b)        Application. – Thissection applies only to land acquired in counties designated as a developmenttier one area under G.S. 143B‑437.08. (2004‑188, s. 6; 2005‑435, s. 44; 2006‑252,s. 2.16.)