N.C. Gen. Stat. § 146-22.5
Reimbursement of payment in lieu of future ad valorem taxes
Redline — June 1, 2021 → current.View current text →
Current — April 1, 2022
As of June 1, 2021
(1) If a State agency acquires land under G.S. 146-22.3 or G.S. 146-22.4 and later uses this land to mitigate wetlands permitted to be lost in the same county, then the county shall reimburse the State agency. The reimbursement shall equal the estimated 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 number of years the State agency held the land before the wetlands were lost.
(1) If a State agency acquires land under G.S. 146-22.3 or G.S. 146-22.4 and later uses this land to mitigate wetlands permitted to be lost in the same county, then the county shall reimburse the State agency. The reimbursement shall equal the estimated 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 number of years the State agency held the land before the wetlands were lost.
(2) Application. - This section applies only to land acquired in counties designated as a development tier one area under G.S. 143B-437.08.
(2) Application. — This section applies only to land acquired in counties designated as a development tier one area under G.S. 143B-437.08.
History
(2004-188, s. 6; 2005-435, s. 44; 2006-252, s. 2.16.)
Effect of Amendments. - Session Laws 2005-435, s. 44, effective September 27, 2005, substituted "agency. The reimbursement shall equal" for "agency for a percentage of" and "multiplied by" for "times" in the first and second sentences of subsection (a).
Session Laws 2006-252, s. 2.16, effective January 1, 2007, substituted "a development tier one area under G.S. 143B-437.08 " for "an enterprise tier one or enterprise tier two area under G.S. 105-129.3" in subsection (b).
Official source: North Carolina General Assembly. Reproduced from public-domain North Carolina statutes; confirm against the official source for the current text. Not legal advice.