GENERAL ASSEMBLY OF NORTH CAROLINA

SESSION 1995

H	1 

HOUSE BILL 665

Short Title:  Wake Property Tax Limitation Act.	(Local)

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Sponsors: Representative Miner.

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Referred to:  Local and Regional Government II.

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March 30, 1995

A BILL TO BE ENTITLED
AN ACT TO PROVIDE THAT THE WAKE PREPARED FOOD AND BEVERAGE TAX IS REPEALED IF EITHER WAKE COUNTY OR THE CITY OF RALEIGH INCREASES ITS PROPERTY TAX RATE ABOVE THE RATE IN EFFECT FOR THE 1994-95 FISCAL YEAR.
The General Assembly of North Carolina enacts:
Section 1.  Chapter 594 of the 1991 Session Laws is amended by adding a new section to read:
"Sec. 5.1.  Condition for Continuation of Tax.  Wake County and the City of Raleigh are the parties to an interlocal agreement entered into pursuant to Article 20 of Chapter 160A of the General Statutes to provide for the projects to be funded with the proceeds of the tax levied under Section 5 of this act.  If either of these parties increases its property tax rate above the rate in effect for the 1994-95 fiscal year, Section 5 of this act is repealed.  A repeal of Section 5 of this act pursuant to this section becomes effective on the first day of the second month after the adoption of the ordinance increasing the property tax rate.  Repeal of Section 5 of this act does not affect the rights or liabilities of the county, a taxpayer, or another person arising under Section 5 of this act before its repeal; nor does it affect the right to any refund or credit of a tax that would otherwise have been available under the repealed section before its repeal."
Sec. 2.  This act is effective upon ratification.