AN ACT TO EXEMPT FROM PROPERTY TAX THE INCREASE IN VALUE OF PROPERTY DUE TO THE CONSTRUCTION OF TOWNHOUSES HELD FOR SALE BY A BUILDER. SL 2021-113. Enacted Aug. 23, 2021. Effective for taxes imposed for taxable years beginning on or after July 1, 2022.
MODIFY BUILDERS INVENTORY TAX EXCLUSION.
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| View NCGA Bill Details(link is external) | 2021 |
AN ACT TO EXEMPT FROM PROPERTY TAX THE INCREASE IN VALUE OF PROPERTY DUE TO THE CONSTRUCTION OF TOWNHOUSES HELD FOR SALE BY A BUILDER.Intro. by Potts, Bradford, Zenger, Clemmons.
Status: Ch. SL 2021-113 (Aug 23 2021)
Bill History:
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Thu, 11 Mar 2021 House: Filed(link is external)
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Mon, 15 Mar 2021 House: Passed 1st Reading(link is external)
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Thu, 1 Apr 2021 House: Reptd Fav(link is external)
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Thu, 1 Apr 2021 House: Re-ref Com On Finance(link is external)
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Thu, 29 Apr 2021 House: Reptd Fav Com Substitute(link is external)
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Tue, 4 May 2021 House: Reptd Fav(link is external)
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Tue, 4 May 2021 House: Cal Pursuant Rule 36(b)(link is external)
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Tue, 4 May 2021 House: Placed On Cal For 05/05/2021(link is external)
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Wed, 5 May 2021 House: Passed 2nd Reading(link is external)
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Wed, 5 May 2021 House: Passed 3rd Reading(link is external)
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Thu, 6 May 2021 House: Regular Message Sent To Senate(link is external)
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Thu, 6 May 2021 Senate: Regular Message Received From House(link is external)
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Thu, 6 May 2021 Senate: Passed 1st Reading(link is external)
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Wed, 14 Jul 2021 Senate: Withdrawn From Com(link is external)
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Wed, 21 Jul 2021 Senate: Reptd Fav Com Substitute(link is external)
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Wed, 21 Jul 2021 Senate: Com Substitute Adopted(link is external)
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Mon, 9 Aug 2021 Senate: Reptd Fav(link is external)
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Tue, 10 Aug 2021 Senate: Passed 2nd Reading(link is external)
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Tue, 10 Aug 2021 Senate: Passed 3rd Reading(link is external)
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Wed, 11 Aug 2021 Senate: Regular Message Sent To House(link is external)
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Thu, 12 Aug 2021 House: Added to Calendar(link is external)
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Thu, 12 Aug 2021 House: Cal Pursuant 36(b)(link is external)
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Thu, 12 Aug 2021 House: Placed On Cal For 08/12/2021(link is external)
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Thu, 12 Aug 2021 House: Concurred In S Com Sub(link is external)
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Thu, 12 Aug 2021 House: Ordered Enrolled(link is external)
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Tue, 17 Aug 2021 House: Pres. To Gov. 8/17/2021(link is external)
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Mon, 23 Aug 2021 House: Signed by Gov. 8/23/2021(link is external)
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Mon, 23 Aug 2021 House: Ch. SL 2021-113(link is external)
H 273/S.L. 2021-113
Bill Summaries:
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Bill H 273 (2021-2022)Summary date: Aug 24 2021 - View Summary
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Bill H 273 (2021-2022)Summary date: Jul 21 2021 - View Summary
Senate committee substitute to the 2nd edition makes the following changes.
Changes the effective date of the proposed changes to GS 105-277.02, which designates residential real property held for sale by a builder as a special class of property for taxation purposes. Now provides for the changes to become effective for taxes imposed for taxable years beginning on or after July 1, 2022 (was, July 1, 2021).
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Bill H 273 (2021-2022)Summary date: Apr 29 2021 - View Summary
House committee substitute to the 1st edition makes the following changes.
Adds to the proposed changes to GS 105-277.02, which designates residential real property held for sale by a builder as a special class of property. More specifically provides for exclusion from property tax for any increase in value attributable to the subdivision of the property or improvements other than buildings made on the property (was, subdivision of or improvements other than buildings), as the builder continues to hold the property for sale. Changes the act's long title.
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Bill H 273 (2021-2022)Summary date: Mar 11 2021 - View Summary
Amends GS 105-277.02, which designates residential real property held for sale by a builder as a special class of property. Adds an exclusion from property tax for any increase in value attributable to the construction of a townhouse, as the builder continues to hold the property for sale.
View: All Summaries for Bill
House committee substitute to the 1st edition changed the long title. Original title was AN ACT TO EXEMPT FROM PROPERTY TAX THE INCREASE IN VALUE OF TOWNHOUSES HELD FOR SALE BY A BUILDER, TO THE EXTENT THE INCREASE IS ATTRIBUTABLE TO SUBDIVISION OR IMPROVEMENTS BY THE BUILDER.