Agricultural, Forestry and Horticulture Use Value
North Carolina General Statutes provide for property in agricultural, forestry or horticultural use, which meets certain requirements, to be assessed at values based on that use rather than at the full market value. The difference between taxes billed in the program and what would have been billed, if not in the program, are carried as deferred taxes. Basic requirements of eligibility for each classification are listed below:
Agricultural Land Use
- Agricultural land consisting of one or more tracts, one of which consist of at least 10 acres that are in actual production and,
- For the three years preceding January 1 of the year for which the benefit is claimed, have produced an average gross income of at least $1,000.
Horticultural Land Use
- Land consisting of one or more tracts, one of which consists of at least five acres that are in actual production and,
- For the three years preceding January of the year the benefit is claimed, have either produced an average gross income of $1,000 or been used to produce evergreens intended for use as Christmas trees and meet gross income requirements.
Forestland Land Use
- Forestland consisting of one or more tracts, one of which consists of at least 20 acres that are in actual production and,
- Must be under a sound management plan and,
- Not included in a farm unit
If property is removed from the program, either voluntarily or by disqualification, deferred taxes for the current and 3 previous years become due and payable, with interest when applicable, as if they had been billed in their respective years.
An application is required for any property to be included in the program, and any time there is a change in ownership. Applications must be filed during the regular listing period, within 30 days of a notice of a change in valuation, or within 60 days of the transfer of the land. Properties in the program are periodically audited to assure continued compliance. Failure to respond to audit requests will result in disqualification and billing of deferred taxes.
Present Use Value:
An application is required for any property to be included in the program, and any time there is a change in ownership. Applications must be filed during the regular listing period, within 30 days of a notice of a change in valuation, or within 60 days of the transfer of the land. Properties in the program are periodically audited to assure continued compliance. Failure to respond to audit requests will result in disqualification and billing of deferred taxes.
Present Use Value: