Bill Summary for S 408 (2023-2024)

Printer-friendly: Click to view

Summary date: 

Mar 30 2023

Bill Information:

View NCGA Bill Details2023-2024 Session
Senate Bill 408 (Public) Filed Wednesday, March 29, 2023
Intro. by Moffitt, Hanig, B. Newton.

View: All Summaries for BillTracking:

Bill summary

Amends GS 105-275(16) (excluding certain types of personal property from tax) as follows. Changes the name of the “non business property” exemption to the “qualified personal property” exemption.  Expands the exemption so that, in addition to exempting personal property not used for the production of income, also exempts certain qualified personal property used by the owner for production of income or in connection with a business, or both, so long as the value of the property is equal to or less than $20,000 and it is not a registered motor vehicle as that term is defined in GS 20-4.01, a mobile home, or aircraft or watercraft required to be registered by law and not otherwise exempt. (Current law does not allow the nonbusiness property exemption for motor vehicles, mobile homes, aircraft, watercraft, or engines for watercraft.) Amends GS 105-308 to require individuals to list any changes, additions, or subtractions, with respect to the property required to be listed with the tax assessor (currently, just need to list the property with the assessor). Provides that if a person does not timely list property, presumption arises that no changes, additions, or subtractions have occurred. Specifies that failure to list such changes, additions, or subtractions is a Class 2 misdemeanor. (Currently just failure to list property is a Class 2 misdemeanor.) Specifies that if the person has a duty to list under the statute, then the failure to list is prima facie evidence that the failure to do so is willful (currently, no mention of a duty to list). Effective for taxes imposed for taxable years beginning on or after July 1, 2023.

Permits a county to change the value of its real property after January 1, 2023, effective for the tax year beginning July 1, 2023, based upon the schedule of values used to appraise real property in the county for its last reappraisal if the county adopted a resolution to postpone a 2023 reappraisal between January 1, 2023, and June 30, 2023. Clarifies that this authorization does affect the statutory requirement for the county to reappraise property at least once every eight years. Specifies that if a county changes its values of real property pursuant to this section, the schedule of values adopted by the board of county commissioners and used to appraise real property in the county for its last reappraisal will remain the schedule of values to be used to appraise real property until the county reappraises all real property in accordance with GS 105-286 (pertaining to county appraisals of real property).