146-22.5. Reimbursement of payment in lieu of future ad valorem taxes.
(a) If a State agency acquires land under G.S. 146-22.3 or G.S. 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 G.S. 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 G.S. 143B-437.08. (2004-188, s. 6; 2005-435, s. 44; 2006-252, s. 2.16.)
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.