Under North Carolina’s use-value taxation program, qualifying land used in agriculture, forestry and horticulture is taxed on its use value rather than its fair market value. In rapidly urbanizing counties, this program may result in substantially reduced property taxes, according to Bert Coffer, Moore County Extension director.
Application for participation in the program is made to the county tax office in the county where the property is located. Back taxes for up to three years may be recaptured by the county if it is determined the land no longer qualifies.
Qualifying farms, forests and horticultural enterprises have enjoyed deferred property tax treatment in North Carolina since 1973. Legislative changes, property tax commission rulings and court cases have shaped the current implementation of this law. Recent passage of Senate Bill 1161 made significant changes that became effective in 2003.
Coffer says the Extension Service is sponsoring the workshop in cooperation with the N.C. Landowners Association, the N.C. Department of Revenue, the Moore County Tax Office, N.C. Farm Bureau, N.C. Division of Forestry, the N.C. Association of Consulting Foresters and the Richmond County Extension Center.
“As a farmer or forest landowner, not only do you need to know the best way to grow and manage your crop, you need to know the best way to handle your taxes,” Coffer said. “With escalating land market values statewide, it is important that farm and forest owners learn and understand the qualifications for use-value and the processes that the use-value advisory board follows to develop the schedules of values provided to each of North Carolina’s 100 counties.”
Coffer says the workshop should be especially relevant to people whose property is located in a county that recently underwent revaluation or is currently in the process.
Anyone interested in attending is asked to call the Extension office at 910-947-3188.
The West End Community Center is located north of the stop light on N.C. 211 in West End. It is on the left beside Pinetree Vocational Partnerships.
