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.
Bill Summaries: H 492 SIMPLIFY BUILDER INVENTORY EXCLUSION.
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Tracking:
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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.