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North Carolina General Statutes Chapter 105. Taxation § 105-330.9. Antique automobiles

Current as of January 01, 2023 | Updated by Findlaw Staff

(a) Definition.--For the purpose of this section, the term “antique automobile” means a motor vehicle that meets all of the following conditions:

(1) It is registered with the Division of Motor Vehicles and has an historic vehicle special license plate under G.S. 20-79.4.

(2) It is maintained primarily for use in exhibitions, club activities, parades, and other public interest functions.

(3) It is used only occasionally for other purposes.

(4) It is owned by an individual, or owned directly or indirectly through one or more pass-through entities, by an individual.

(5) It is used by the owner for a purpose other than the production of income and is not used in connection with a business.

(b) Classification.--Antique automobiles are designated a special class of property under Article V, Sec. 2(2) of the North Carolina Constitution and must be assessed for taxation in accordance with this section. An antique automobile must be assessed at the lower of its true value or five hundred dollars ($500.00).

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Cite this article: FindLaw.com - North Carolina General Statutes Chapter 105. Taxation § 105-330.9. Antique automobiles - last updated January 01, 2023 | https://codes.findlaw.com/nc/chapter-105-taxation/nc-gen-st-sect-105-330-9/

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