House amendments makes the following changes to the 2nd edition.

Amendment #1

Amends the definition of residential real property as provided in proposed GS 105-277.02, establishing that the term excludes property that is occupied or used for commercial purposes such as residences shown to prospective buyers as models. 

Amends the effective date clause to provide that the bill applies to subdivision or other improvements made on or after July 1, 2015.

Amendment #2

Amends proposed GS 105-277.02 to provide that any increase in value of property classified pursuant to this section that is attributable to the construction of a new single-family residence or a duplex on the property by the builder is excluded from taxation for as long as the builder continues to hold the property for sale (previously, provided that increases in value of such property attributable to subdivision or other improvements made by the builder are excluded from property taxation as long as the builder continues to hold the property for sale).

Amendment #3

Amends amendment #1 providing that the definition of residential real property, as provided in proposed GS 105-277.02, excludes property that is either occupied by a tenant, or used for commercial purposes such as residences shown to prospective buyers as models (previously, excluded property that is occupied or used for commercial purposes such as residences shown to prospective buyers as models).