GENERAL ASSEMBLY OF NORTH CAROLINA

SESSION 1991

H	2 

HOUSE BILL 232
Committee Substitute Favorable 5/9/91

Short Title:  No Tax Rollback on Condemnation.	(Public)
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Sponsors:
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Referred to:  
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March 11, 1991

A BILL TO BE ENTITLED
AN ACT TO PROVIDE THAT NO DEFERRED TAXES ARE DUE WHEN PROPERTY TAXED AT PRESENT-USE VALUE IS TRANSFERRED BECAUSE OF CONDEMNATION OR IMPENDING CONDEMNATION.
The General Assembly of North Carolina enacts:
Section 1.  G.S. 105-277.4(d) reads as rewritten:
"(d)	Notwithstanding the provisions of subsection (c), if property loses its eligibility for present use value classification solely due to one of the following reasons, no deferred taxes are due and the lien for the deferred taxes is extinguished:
(1)	A change in income caused by enrollment of the property in the federal conservation reserve program established under 16 U.S.C. Chapter 58.
(2)	A change in ownership due to either of the following:
a.	Conveyance of the property to a person who would acquire it by condemnation if it were not conveyed to that person.
b.	Condemnation of the property."
Sec. 2.  This act is effective upon ratification.