NC S107

Modifies taxation of unimproved property in transportation corridors to be taxed at 20% of appraised value instead of 20% of the general tax rate, and clarifies the property must have no buildings or structures as of January 1 and remain unsubdivided since corridor inclusion.

Creates new tax classification for improved property (with buildings or structures) located within transportation corridors marked on official maps filed under Article 2E of Chapter 136, taxing such property at 50% of appraised value if not subdivided since corridor inclusion.

Applies both provisions only to property that has not been subdivided as defined in G.S. 153A-335 or G.S. 160A-376 since being included in the transportation corridor.

The reduced assessment for improved property (50% tax rate) expires and is repealed for tax years beginning on or after July 1, 2021.

Effective for taxes imposed for taxable years beginning on or after July 1, 2011.