NORTH CAROLINA GENERAL ASSEMBLY

1981 SESSION

CHAPTER 1052

HOUSE BILL 5

AN ACT TO RAISE THE PROPERTY TAX HOMESTEAD EXEMPTION.

The General Assembly of North Carolina enacts:

Section 1. G.S. 105-277.1(a), G.S. 105-277.1(b)(1) and G.S. 105-309(f) are amended by deleting the words "seven thousand five hundred dollars ($7,500)", and inserting in lieu thereof the words "eight thousand five hundred dollars ($8,500)".

Sec. 2. (a) On September 1 of each year, the tax collector of each county and the tax collector of each city shall furnish to the Secretary of Revenue a list containing the name and address of each person who has qualified in that year for the exemption provided in G.S. 105-277.1. The list shall also contain for each name the total amount of property exempted, the tax rate the property is subject to, and the product obtained by multiplying those two numbers by each other. The lists shall be accompanied by an affidavit attesting to the accuracy of the list, and shall all be on a form prescribed by the Secretary of Revenue.

(b)        In addition to the list required by subsection (a) of this section, the county or city may provide a supplemental list on December 1.

(c)        The Secretary of Revenue may, for cause, grant an extension for the submission of the list required by this section.

Sec. 3. After receiving a certified list under Section 2 of this act, the Secretary of Revenue shall, within 60 days, pay to the county or city fifteen percent (15%) of the total for the entire list of the product obtained by multiplying the tax exemption for each taxpayer times the applicable tax rate.

Sec. 4. Any funds received by any county or city pursuant to this act because the county or city was collecting taxes for another unit of government or special district shall be credited to the funds of that other unit or district in accordance with regulations issued by the Local Government Commission.

Sec. 5. This act shall become effective January 1, 1982.

In the General Assembly read three times and ratified, this the 10th day of October, 1981.