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.