AN ACT TO SIMPLIFY THE PROPERTY TAX EXCLUSION FOR INCREASES IN VALUE OF PROPERTY HELD BY A BUILDER. SL 2019-123. Enacted July 19, 2019. Effective for taxes imposed for taxable years beginning on or after July 1, 2019.
SIMPLIFY BUILDER INVENTORY EXCLUSION.
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| View NCGA Bill Details | 2019-2020 Session |
AN ACT TO SIMPLIFY THE PROPERTY TAX EXCLUSION FOR INCREASES IN VALUE OF PROPERTY HELD BY A BUILDER.Intro. by Brody, Howard, B. Turner.
Status: Ch. SL 2019-123 (Jul 19 2019)
Bill History:
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Wed, 27 Mar 2019 House: Filed
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Thu, 28 Mar 2019 House: Passed 1st Reading
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Thu, 28 Mar 2019 House: Passed 1st Reading
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Mon, 29 Apr 2019 House: Serial Referral To Finance Stricken
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Tue, 30 Apr 2019 House: Reptd Fav Com Substitute
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Tue, 30 Apr 2019 House: Re-ref Com On Rules, Calendar, and Operations of the House
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Wed, 1 May 2019 House: Reptd Fav Com Sub 2
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Wed, 1 May 2019 House: Cal Pursuant Rule 36(b)
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Wed, 1 May 2019 House: Placed On Cal For 05/02/2019
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Thu, 2 May 2019 House: Passed 2nd Reading
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Thu, 2 May 2019 House: Passed 3rd Reading
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Fri, 3 May 2019 House: Regular Message Sent To Senate
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Mon, 6 May 2019 Senate: Regular Message Received From House
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Mon, 6 May 2019 Senate: Passed 1st Reading
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Mon, 6 May 2019 Senate: Ref To Com On Rules and Operations of the Senate
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Fri, 21 Jun 2019 Senate: Withdrawn From Com
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Tue, 25 Jun 2019 Senate: Reptd Fav
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Tue, 25 Jun 2019 Senate: Re-ref Com On Rules and Operations of the Senate
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Wed, 26 Jun 2019 Senate: Reptd Fav
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Thu, 27 Jun 2019 Senate: Withdrawn From Cal
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Thu, 27 Jun 2019 Senate: Placed On Cal For 07/01/2019
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Mon, 1 Jul 2019 Senate: Withdrawn From Cal
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Mon, 1 Jul 2019 Senate: Placed On Cal For 07/02/2019
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Tue, 2 Jul 2019 Senate: Passed 2nd Reading
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Tue, 2 Jul 2019 Senate: Passed 3rd Reading
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Tue, 2 Jul 2019 Senate: Ordered Enrolled
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Mon, 8 Jul 2019 House: Ratified
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Tue, 9 Jul 2019 House: Pres. To Gov. 7/9/2019
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Fri, 19 Jul 2019 House: Signed by Gov. 7/19/2019
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Fri, 19 Jul 2019 House: Ch. SL 2019-123
H 492/S.L. 2019-123
Bill Summaries:
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Bill H 492 (2019-2020)Summary date: Jul 22 2019 - View Summary
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Bill H 492 (2019-2020)Summary date: May 1 2019 - View Summary
House committee substitute makes the following changes to the 2nd edition.
Makes conforming change to GS 105-277.02 to require a builder to apply for the property tax exclusion as provided in GS 105-282.1, as amended, thereby requiring a single application unless subsequent changes necessitate a review of the benefit rather than requiring an annual application for the benefit.
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Bill H 492 (2019-2020)Summary date: Apr 30 2019 - View Summary
House committee substitute makes the following changes to the 1st edition.
Eliminates the proposed changes to GS 105-277.02, which extended the time period from three to five years during which residential real property held for sale by a builder can be excluded from property tax.
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Bill H 492 (2019-2020)Summary date: Mar 27 2019 - View Summary
Amends GS 105-277.02, extending the time period from three to five years during which residential real property held for sale by a builder can be excluded from property tax, calculated from the time the improved property was first subject to being listed for taxation by the builder.
Amends GS 105-282.1, to allow an owner claiming an exclusion from property tax under GS 105-277.02, as amended, to file one initial application for the benefit, with no subsequent applications needed once the initial application is approved unless new or additional property is acquired or improvements are added or removed that require a change in the property's valuation, there is a change in the property's use, or changes in the taxpayer's qualifications or eligibility.
Effective for taxes imposed for taxable years beginning on or after July 1, 2019.
View: All Summaries for Bill