Bill Summary for H 355 (2011-2012)

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Summary date: 

Mar 15 2011

Bill Information:

View NCGA Bill Details2011-2012 Session
House Bill 355 (Public) Filed Tuesday, March 15, 2011
TO SIMPLIFY THE COLLECTION OF PROPERTY TAXES THAT ARE DUE ON PROPERTY OWNED BY CERTAIN NONPROFIT HOMEOWNERS' ASSOCIATIONS.
Intro. by Justice, Jordan.

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Bill summary

GS 105-277.8 currently allows the value of real and personal property owned by a nonprofit homeowners’ association to be included in the assessments of the property owners and not the association if certain criteria are satisfied. Act amends the list of criteria to add a requirement that all of the property owned by the association be contained entirely within the same taxing jurisdiction as the member-owned property. Effective for taxable years beginning on or after July 1, 2011.