GENERAL ASSEMBLY OF NORTH CAROLINA
1987 SESSION
CHAPTER 1052
The General Assembly of North Carolina enacts:
Section 1. Effective January 1, 1988, Section 5 of Chapter 601 of the 1985 Session Laws reads as rewritten:
"Sec. 5. Sections 1 and 3 of this act shall become
effective January 1, 1987.1987; provided that as to any public
service company whose property values in a county are adjusted in the third
year after the year of reappraisal of real property in the county pursuant to
G.S. 105-342(c) and whose property values in the same county are adjusted in
the following year pursuant to Section 1 of this act, a county shall be
entitled in such following year to increase the property values of the public
service company certified to the county by the Department of Revenue by the
same amount as the public service company property values were reduced the
preceding year pursuant to G.S. 105-342(c). Sections 2 and 5 are
effective upon ratification. Section 4 shall become effective in each
county as of January 1 of the year in which sales assessment ratio studies are
first required to be conducted in the county by the Department of Revenue under
Section 1."
Sec. 2. This act shall become effective January 1, 1988, and applies to counties in which there has been a reduction of the assessed value of public service company property under G.S. 105-342(c) for taxable years beginning on or after January 1, 1987.
In the General Assembly read three times and ratified this the 5th day of July, 1988.