§ 105-228.30. Imposition of excise tax; distribution of proceeds.
§ 105‑228.30. Imposition of excise tax; distribution of proceeds.
(a) An excise tax islevied on each instrument by which any interest in real property is conveyed toanother person. The tax rate is one dollar ($1.00) on each five hundred dollars($500.00) or fractional part thereof of the consideration or value of theinterest conveyed. The transferor must pay the tax to the register of deeds ofthe county in which the real estate is located before recording the instrumentof conveyance. If the instrument transfers a parcel of real estate lying in twoor more counties, however, the tax must be paid to the register of deeds of thecounty in which the greater part of the real estate with respect to value lies.
The excise tax on instrumentsimposed by this Article applies to timber deeds and contracts for the sale ofstanding timber to the same extent as if these deeds and contracts conveyed aninterest in real property.
(b) The register ofdeeds of each county must remit the proceeds of the tax levied by this sectionto the county finance officer. The finance officer of each county must creditone‑half of the proceeds to the county's general fund and remit theremaining one‑half of the proceeds, less the county's allowance foradministrative expenses, to the Department of Revenue on a monthly basis. Acounty may retain two percent (2%) of the amount of tax proceeds allocated forremittance to the Department of Revenue as compensation for the county's costin collecting and remitting the State's share of the tax. Of the funds remittedto it pursuant to this section, the Department of Revenue must credit seventy‑fivepercent (75%) to the Parks and Recreation Trust Fund established under G.S. 113‑44.15and twenty‑five percent (25%) to the Natural Heritage Trust Fundestablished under G.S. 113‑77.7. (1967, c. 986, s. 1; 1991, c. 689, s. 338; 1991 (Reg.Sess., 1992), c. 1019, s. 1; 1993 (Reg. Sess., 1994), c. 772, s. 2; 1995, c.456, s. 3; 1999‑28, s. 1; 2000‑16, s. 1; 2001‑427, s. 14(a).)