Machinery Act

Overview

The following definitions apply in this Subchapter: (1) Abstract. - The document on which the property of a taxpayer is listed for ad valorem taxation and on which the appraised and assessed values of the property are recorded. (2) Appraisal. - The true value of property or the process by which true value is ascertained. (3) Assessment. - The tax value of property or the process by which the assessment is determined. (3a) "Builder" means a taxpayer engaged in the business of buying real property, making improvements to it, and then reselling it. (4) Repealed by Session Laws 1973, c. 695, s. 15, effective January 1, 1974. (4a) Code. - Defined in G.S. 105-228.90. (5) Collector or tax collector. - A person charged with the duty of collecting taxes for a county or municipality. (5a) Construction contractor. - A taxpayer who is regularly engaged in building, installing, repairing, or improving real property. (6) Corporation. - An organization having capital stock represented by shares or an incorporated, nonprofit organization. (6a) Discovered property. - Any of the following: a. Property that was not listed during a listing period. b. Property that was listed but the listin

Sections covered

• N.C. Gen. Stat. § 105-271Official title5 cites
• N.C. Gen. Stat. § 105-272Purpose of Subchapter1 cite
• N.C. Gen. Stat. § 105-273Definitions13 cites