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for Local Government Law Bulletin Vol. Issue 84, June 1998
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Abstract:
A number of North Carolina cities and towns are seeking to attract new business by offering incentive grants linked to property taxes. This means that a business that invests money in a new plant and equipment would receive property tax relief for a specified number of years. In essence the local government is refunding part of the taxes paid on property and creating a partial exception of the property from taxation. This bulletin examines whether such action is legal under the NC Constitution.