North Carolina General Statutes 146-22.5. Reimbursement of payment in lieu of future ad valorem taxes
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Terms Used In North Carolina General Statutes 146-22.5
- state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories, so called; and the words "United States" shall be construed to include the said district and territories and all dependencies. See North Carolina General Statutes 12-3
- State agency: includes every agency, institution, board, commission, bureau, council, department, division, officer, and employee of the State, but does not include counties, municipal corporations, political subdivisions of the State, county or city boards of education, or other local public bodies. See North Carolina General Statutes 146-64
(a) If a State agency acquires land under N.C. Gen. Stat. § 146-22.3 or N.C. Gen. Stat. § 146-22.4 and later uses this land to mitigate wetlands permitted to be lost in the same county, then the county shall reimburse the State agency. The reimbursement shall equal the estimated amount of ad valorem taxes paid for the land in accordance with N.C. Gen. Stat. § 146-22.3 minus ten percent (10%) of this amount multiplied by the number of years the State agency held the land before the wetlands were lost.
(b) Application. – This section applies only to land acquired in counties designated as a development tier one area under N.C. Gen. Stat. § 143B-437.08 (2004-188, s. 6; 2005-435, s. 44; 2006-252, s. 2.16.)