A BILL TO BE ENTITLED
AN ACT TO PROVIDE A PROPERTY TAX EXEMPTION FOR LAND HELD FOR CONSTRUCTION OF RELIGIOUS FACILITIES.
The General Assembly of North Carolina enacts:
SECTION 1.  G.S. 105‑278.3 is amended by adding a new subsection to read:
"(h)	Real property held by an agency listed in subsection (c) of this section is used for a religious purpose if it is held for no more than three years as a future site for a building intended to be used for a religious purpose. The taxes that would otherwise be due on real property exempt under this subsection are a lien on the property as provided in G.S. 105‑355(a). The taxes must be carried forward in the records of the taxing unit as deferred taxes and are payable three years after the tax year the exemption is first claimed unless the agency has constructed on the site a building used for a religious purpose. If this condition has not been met, the deferred taxes for the preceding three fiscal years are payable immediately, together with interest as provided in G.S. 105‑360 for unpaid taxes that accrues on the deferred taxes as if they had been payable on the dates they would have originally become due. All liens arising under this subsection are extinguished upon one of the following:
(1)	Payment of all deferred taxes under this subsection.
(2)	Construction on the site, within three years after the tax year the exemption is first claimed, of a building used for a religious purpose."
SECTION 2.  This act is effective for taxes imposed for taxable years beginning on or after July 1, 2004.