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.
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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