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. SL 2021-113. Enacted Aug. 23, 2021. Effective for taxes imposed for taxable years beginning on or after July 1, 2022.
Bill Summaries: H273 MODIFY BUILDERS INVENTORY TAX EXCLUSION.
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Tracking:
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Bill H 273 (2021-2022)Summary date: Aug 24 2021 - View Summary
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Bill H 273 (2021-2022)Summary date: Jul 21 2021 - View 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).
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Bill H 273 (2021-2022)Summary date: Apr 29 2021 - View Summary
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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Bill H 273 (2021-2022)Summary date: Mar 11 2021 - View Summary
Amends GS 105-277.02, which designates residential real property held for sale by a builder as a special class of property. Adds an exclusion from property tax for any increase in value attributable to the construction of a townhouse, as the builder continues to hold the property for sale.