Bill Summary for H 598 (2023-2024)

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Summary date: 

Apr 13 2023

Bill Information:

View NCGA Bill Details2023-2024 Session
House Bill 598 (Public) Filed Thursday, April 13, 2023
AN ACT TO LIMIT THE TAXES LEVIED ON REAL PROPERTY TO ONE PERCENT OF THE PROPERTY'S ASSESSED VALUE.
Intro. by Setzer.

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Bill summary

Amends GS 105-284 (the uniform assessment standard) to cap taxes levied on real property by a county, municipality, or other taxing district at 1% of the property’s assessed value unless otherwise authorized by Subchapter II of GS Chapter 105 (pertaining to listing, appraisal, and assessment of property and collection of taxes on property). Effective for taxes imposed for taxable years beginning on or after July 1, 2023.