Bill Summaries: S 408 PROPERTY TAX MODIFICATIONS.

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Tracking:
  • Summary date: Apr 27 2023 - View Summary

    Senate amendment to the 2nd edition makes the following change.  Changes the effective date for GS 105-275 as amended by the act and GS 105-308 as amended by the act from taxes imposed for taxable years beginning on or after July 1, 2023, to taxes imposed for taxable years beginning on or after July 1, 2024.


  • Summary date: Apr 25 2023 - View Summary

    Senate committee substitute to the 1st edition makes the following changes.  Amends prong (ii) of the definition of “qualified personal property” in the qualified personal property tax exemption under GS 105-275(16) (listing certain tax exemptions) so that the term now includes personal property used for production of income in connection with the rental of a single-family residential dwelling unit, as that term is defined in GS 87-15.5, provided the item of personal property at the time of acquisition is valued at equal to or less than $10,000. A single-family residential dwelling unit does not include a bed and breakfast home or bed and breakfast inn as defined in GS 130A-247. (Was, defined as personal property used by the owner of the property for production of income or in connection with a business, or both, provided the value of the property at the time of acquisition is equal to or less than $20,000.) Requires the Department of Revenue and any county that provides its own business personal property listing form to include a means for the taxpayer to indicate on the listing form that business personal property owned by the taxpayer is not taxable because it is "qualified personal property" used for the production of income in connection with the rental of a single-family residential dwelling unit as described above. Makes organizational changes.


  • Summary date: Mar 30 2023 - View 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). 


  • Summary date: Mar 29 2023 - View Summary

    To be summarized.