Bill Summary for S 519 (2023-2024)
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View NCGA Bill Details | 2023-2024 Session |
AN ACT TO LIMIT PROPERTY VALUE INCREASES DURING REAPPRAISALS THAT ARE ATTRIBUTABLE SOLELY TO FAVORABLE ZONING ORDINANCES TO THOSE INSTANCES WHERE THE PROPERTY OWNER ACTUALLY ENGAGES IN THE ACTIVITY OR ACTIVITIES PERMITTED BY SUCH ZONING.Intro. by Blue.
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Bill summary
Amends GS 105-286 (pertaining to times for general appraisal for real property) to specify that a property zoned to permit a particular activity may not be reappraised at a greater value solely as a result of such zoning unless the owner of the property actually engages in the permitted activity. Amends GS 105-328 (pertaining to listing, appraisal and assessment of property subject to taxation by cities and towns listed in more than one county) to require a local governing body to account for the limitation set forth in amended GS 105-286 when engaging in horizontal adjustments to equalize the appraisal and assessment values fixed by the counties. Makes conforming changes to GS 105-284 (uniform assessment standard) and GS 105-283 (uniform appraisal standards) to account for limitation on valuation set forth above.
Effective when the act becomes law and applies to reappraisals occurring after January 1, 2024.