NC H1105

Modifies taxation of nonprofit homeowners association property by establishing separate treatment for "extraterritorial common property" (association property located in a different taxing jurisdiction than members' properties).

Extraterritorial common property is taxed only in the jurisdiction where it is located, and its value is not included in appraisals of members' properties to avoid double taxation.

Requires assessors to notify other jurisdictions about taxed extraterritorial property to prevent members' properties from being taxed for that value.

Mandates nonprofit homeowners associations to annually provide each member with the amount of tax due, property value, and method of tax recovery from members.

Requires pro rata assessment of extraterritorial common property among unit/lot owners based on number of units or lots in the association; effective for taxes imposed for taxable years beginning July 1, 2012.