AN ACT TO exclude property owned by cattlemen's associations from the property tax.

The General Assembly of North Carolina enacts:

SECTION 1.  G.S. 105‑275 reads as rewritten:

§ 105‑275.  Property classified and excluded from the tax base.

The following classes of property are designated special classes under Article V, Sec. 2(2), of the North Carolina Constitution and are excluded from tax:

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(18a)    Real and personal property belonging to the North Carolina Cattlemen's Association and any local cattlemen's association, regardless of its affiliation with the North Carolina Cattlemen's Association (collectively the Association), when used for purposes consistent with the Association's mission, including the provision of facilities by the Association for the use of buying and selling cattle, regardless of the amount of business or patronage with the general public resulting therefrom, and to the extent that any monies received by the Association for such purposes do not exceed the reasonable expenses incurred by the Association in providing the facility, together with such additional adjacent real property as may be necessary for the convenient normal use of the buildings thereon. Notwithstanding the exclusive‑use requirement hereinabove established, if a part of a property that otherwise meets this subdivision's requirements is used for a purpose that would require that it not be listed, appraised, assessed, or taxed if the entire property were so used, that part, according to its value, shall not be listed, appraised, assessed, or taxed.

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SECTION 2.  This act is effective for taxes imposed for taxable years beginning on or after July 1, 2023.