Farm products (including crops but excluding poultry and other livestock) held by
or for a cooperative stabilization or marketing association or corporation to which
they have been delivered, conveyed, or assigned by the original producer for the purpose
of sale are hereby designated a special class of property under authority of Article V, Sec. 2(2), of the North Carolina Constitution. Before being assessed for taxation the appraised valuation of farm products so classified
shall be reduced by the amount of any unpaid loan or advance made or granted thereon
by the United States government, an agency of the United States government, or a cooperative
stabilization or marketing association or corporation.
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