2009 North Carolina Code
Chapter 120 - General Assembly.
§ 120-70.108. Property Tax Subcommittee.

§ 120‑70.108.  Property Tax Subcommittee.

(a)        The Revenue Laws Study Committee shall establish a Property Tax Subcommittee consisting of up to eight members. The Senate cochair of the Committee shall designate up to four members appointed by the President Pro Tempore of the Senate to serve on the Subcommittee and shall name one of those members a cochair of the Subcommittee. The House cochair of the Committee shall designate up to four members appointed by the Speaker of the House of Representatives to serve on the Subcommittee and shall name one of those members a cochair of the Subcommittee. The Subcommittee shall meet upon the call of the Subcommittee cochairs.

(b)        The Property Tax Subcommittee shall study, examine, and, if necessary, recommend changes to the property tax system. The Subcommittee shall include in its study an examination of all classes of property, including exemptions and exclusions of property from the property tax base. The Subcommittee shall also study the present‑use value system, including the following:

(1)        Examine the implementation and application of the current present‑use value statutes.

(2)        Evaluate other tax credits, including adjustments to and credits for ad valorem taxes, to encourage agricultural, forestry, horticultural, and conservation use of land.

(3)        Evaluate the treatment of undeveloped land in ad valorem tax.

(4)        Evaluate the possibility of amending the present‑use value system and developing other tax incentives to encourage conservation and environmental protection of land. The study shall include the feasibility of allowing lands managed for conservation and the preservation of water quality, wildlife habitats, and other conservation purposes to be taxed at their present‑use value.

(5)        Evaluate the possibility of adding more specific land and resource management criteria to the sound management programs required for all lands enrolled in the present‑use value system.

(6)        Review other issues related to the taxation of agricultural land, horticultural land, and forestland, including reducing the acreage requirement for land to qualify as forestland.

(c)        The Subcommittee shall report any recommendations to the Revenue Laws Study Committee. (2002‑184, s. 8; 2004‑170, s. 35.)