Bill Summary for H 273 (2021-2022)

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Bill: MODIFY BUILDERS INVENTORY TAX EXCLUSION.

Summary date: 

Jul 21 2021
S.L. 2021-113

Bill Information:

View NCGA Bill Details2021
House Bill 273 (Public) Filed Thursday, March 11, 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.

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Bill 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).