HB 1001 was passed into law July 28, 1995 with an effective date of October 1, 1995 and amended G.S. 105-87.7 and G.S. 105.330.9. If the following conditions are met, the motor vehicle will be assessed for taxation purposes at the lower of its true value or five hundred dollars ($ 500.00).

• The age of the antique automobile must be 35 years or older.
• The owner must purchase a historic vehicle plate as recognized by the General Statues - Antique Automobile (applies to cars 35 to 49 years old) or Horseless Carriage (applies to cars 50 years or older).
•  It is owned by an individual and not used in connection with a business.
•  It is maintained primarily for use in exhibitions, club activities, parades, and other public interest functions & is only occasionally used for other purposes.