146-22.4. Acquisition of wetlands from private mitigation banking companies.
(a) Payment for Taxes. - A State agency that acquires wetlands from a private mitigation banking company must pay a sum in lieu of ad valorem taxes to the county where the wetlands are located. The sum is equal to the estimated amount of ad valorem taxes that would have accrued for the next 20 years as computed in G.S. 146-22.3(c).
(b) Requirement for Acquisition. - A State agency may require, as a condition of accepting a donation of wetlands by a private mitigation banking company, that the company make adequate provisions for the long-term maintenance and management of the wetlands. These provisions may include reimbursement to the agency for payment of a sum in lieu of ad valorem taxes.
(c) Application. - This section applies only to land acquired in counties designated as a development tier one area under G.S. 143B-437.08. (2004-188, s. 5; 2006-252, s. 2.15.)
Structure North Carolina General Statutes
North Carolina General Statutes
§ 146-22 - All acquisitions to be made by Department of Administration.
§ 146-22.1 - Acquisition of property.
§ 146-22.2 - Appraisal of property to be acquired by State.
§ 146-22.3 - Acquisition of land to be used to restore, enhance, preserve, or create wetlands.
§ 146-22.4 - Acquisition of wetlands from private mitigation banking companies.
§ 146-22.5 - Reimbursement of payment in lieu of future ad valorem taxes.
§ 146-23 - Agency must file statement of needs; Department must investigate.
§ 146-23.1 - Buildings having historic, architectural or cultural significance.
§ 146-23.2 - Purchase of buildings constructed or renovated to a certain energy-efficiency standard.
§ 146-24 - Procedure for purchase or condemnation.
§ 146-24.1 - The power of eminent domain.
§ 146-25 - Leases and rentals.
§ 146-25.1 - Proposals to be secured for leases.