§ 105-277.01. Certain farm products classified for taxation at reduced valuation.
§105‑277.01. Certain farm products classified for taxation at reducedvaluation.
Farm products (including cropsbut excluding poultry and other livestock) held by or for a cooperativestabilization or marketing association or corporation to which they have beendelivered, conveyed, or assigned by the original producer for the purpose ofsale are hereby designated a special class of property under authority ofArticle V, Sec. 2(2), of the North Carolina Constitution. Before being assessedfor taxation the appraised valuation of farm products so classified shall bereduced by the amount of any unpaid loan or advance made or granted thereon bythe United States government, an agency of the United States government, or acooperative stabilization or marketing association or corporation. (1973,c. 695, s. 3.)