Re: NC Farm Tax Excemption

Posted by Bus Driver on April 23, 2007 at 15:01:56 from (66.226.41.17):

In Reply to: Re: NC Farm Tax Excemption posted by Bus Driver on April 23, 2007 at 11:43:01:

I read the original post again. NC Sales Tax on farm items is 1% for those who qualify. The Dept Of Revenue does audit sales records of merchants and compare them to individual tax returns. Property tax matters may vary with the county, 100 of them in NC. In my County, at least 10 acres must be used for active farming and those 10 (or more) are taxed at a valuation of $500.00 per acre. Any property with a house is valued for tax purposes at $20K per acre for the first acre and at market value for the remainder of the tract. The value of the house itself is added to that. Typical is about $3500 per acre. No way to afford to farm on land that costs that much- hay, corn or soybeans.

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