North Carolina General Statutes 105-277.1F. Uniform provisions for payment of deferred taxes
(a) Scope. – This section applies to the following deferred tax programs:
(1) N.C. Gen. Stat. § 105-275(12), real property owned by a nonprofit corporation held as a protected natural area.
Terms Used In North Carolina General Statutes 105-277.1F
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- following: when used by way of reference to any section of a statute, shall be construed to mean the section next preceding or next following that in which such reference is made; unless when some other section is expressly designated in such reference. See North Carolina General Statutes 12-3
- Lien: A claim against real or personal property in satisfaction of a debt.
- property: shall include all property, both real and personal. See North Carolina General Statutes 12-3
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
(1a) N.C. Gen. Stat. § 105-275(29a), historic district property held as future site of historic structure.
(2) N.C. Gen. Stat. § 105-277.1B, the property tax homestead circuit breaker.
(2a) (See note for repeal) N.C. Gen. Stat. § 105-277.1D, the inventory property tax deferral.
(3) N.C. Gen. Stat. § 105-277.4(c), present-use value property.
(4) N.C. Gen. Stat. § 105-277.14, working waterfront property.
(4a) N.C. Gen. Stat. § 105-277.15, wildlife conservation land.
(4b) N.C. Gen. Stat. § 105-277.15A, site infrastructure land.
(5) N.C. Gen. Stat. § 105-278(b), historic property.
(6) N.C. Gen. Stat. § 105-278.6(e), nonprofit property held as future site of low- or moderate-income housing.
(b) Payment. – Taxes deferred on property under a deferral program listed in subsection (a) of this section are due and payable on the day the property loses its eligibility for the deferral program as a result of a disqualifying event. If only a part of property for which taxes are deferred loses its eligibility for deferral, the assessor must determine the amount of deferred taxes that apply to that part and that amount is due and payable. Interest accrues on deferred taxes as if they had been payable on the dates on which they would have originally become due.
The tax for the fiscal year that begins in the calendar year in which the deferred taxes are due and payable is computed as if the property had not been classified for that year. A lien for deferred taxes is extinguished when the taxes are paid.
All or part of the deferred taxes that are not due and payable may be paid to the tax collector at any time without affecting the property’s eligibility for deferral. A partial payment is applied first to accrued interest. (2008-35, s. 2.2; 2008-107, s. 28.11(h); 2008-171, s. 2; 2009-308, s. 3; 2011-274, s. 2; 2012-79, s. 1.9; 2013-130, s. 3.)