North Carolina General Statutes 105-277.12. Antique airplanes
(a) For the purpose of this section, the term “antique airplane” means an airplane that meets all of the following conditions:
(1) It is registered with the Federal Aviation Administration and is a model year 1954 or older.
Terms Used In North Carolina General Statutes 105-277.12
- 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
- property: shall include all property, both real and personal. See North Carolina General Statutes 12-3
(2) It is maintained primarily for use in exhibitions, club activities, air shows, and other public interest functions.
(3) It is used only occasionally for other purposes.
(4) It is used by the owner for a purpose other than the production of income.
(b) Antique airplanes are designated a special class of property under Article V, Sec. 2(2) of the North Carolina Constitution and shall be assessed for taxation in accordance with this section. An antique airplane shall be assessed at the lower of its true value or five thousand dollars ($5,000). (1997-355, s. 1.)