NC S941

Amends G.S. 105-458 to establish specific allocation rules for TVA payments in lieu of taxes between Graham County and Swain County based on location of property and equipment.

Allocates the dam between counties based on survey marker 1475 location on the power house; assigns two generators and related Graham County equipment to Graham County.

Divides the generator building with two-thirds assessed to Graham County and one-third to Swain County; assigns remaining generator and Swain County equipment to Swain County.

Designates transmission facilities in Swain County for Swain County assessment and establishes that off-site property is assessed in the county where it is located.

Clarifies the common boundary between Graham and Swain Counties as the center line of the Little Tennessee River, running through survey marker 1475 on the power house, effective June 1, 2012.