An authority is a local government agency and is exempt from taxation to the same extent as a unit of local government. Property owned by an authority is exempt from taxation in accordance with Article V, § 2 of the North Carolina Constitution. Bonds and other obligations issued by an authority or its corporate agent authorized by this Article to exercise its powers are declared to be issued for a public purpose and to be public instrumentalities. These obligations are exempt from all State, county, and municipal taxation or assessment, direct or indirect, general or special, whether imposed for the purpose of general revenue or otherwise, excluding income taxes on the gain from the transfer of the obligations, and franchise taxes. The interest on the obligations is not subject to taxation as income. (1935, c. 456, s. 26; 1953, c. 907; 1973, c. 695, s. 7; 1977, c. 784, s. 5; 1995, c. 46, s. 17; 2015-264, s. 16(i).)
Notes of Decisions
Martin v. North Carolina Hous. Corp., 175 S.E.2d 665 (N.C. 1970).
· cites it 3× “It is noted that statutory provisions relating to a Housing Authority created in accordance with the 1935 Act include the following: "The bonds and other obligations of an Authority (and such bonds and obligations shall so state on their face) shall not be a debt of any city or…”
Hous. Auth. of City of Wilmington v. Johnson, 134 S.E.2d 121 (N.C. 1964).
· cites it 4× “complaint, the plaintiff moved for leave to amend -its complaint in order ¡to allege its exempt status under the provisions oí G.S. 157-26, 42 U.S.C.A. 1405 (e), and G.”
Huntley v. Pandya, 534 S.E.2d 238 (N.C. Ct. App. 2000).
· cites it 2× “For example, N.C. Gen. Stat. § 157-26 labels housing authorities as “local government agenc[ies]” and exempts them from taxation “to the same extent as a unit of local government.”
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