NC H1249

Expands inventory property tax deferral eligibility to include residences owned by a builder or a business entity of which the builder is a member, not just builder-owned residences.

Allows any owner (not just builders) to defer the portion of property taxes representing increased value from construction of an unoccupied residence intended for sale.

Maintains disqualifying events that trigger payment of deferred taxes: property transfer, occupation by owner or others with consent, five years from first taxation, or three years from receiving the tax benefit.

Permits mortgagees or trustees to pay deferred taxes without acquiring foreclosure rights, and voids any contractual prohibitions on tax deferral except as required by federal law.

Effective for taxes imposed for taxable years beginning on or after July 1, 2010.