NC H206

Adds a new property tax exclusion class for real and personal property previously used for commercial or industrial purposes that was damaged significantly by fire or explosion.

Requires the damaged property to have been donated to a nonprofit corporation formed under North Carolina General Statutes Chapter 55A by a non-affiliated entity.

Requires that no portion of the property has been or is leased or sold by the nonprofit corporation to qualify for the exclusion.

Effective for taxes imposed for taxable years beginning on or after July 1, 2011, and expires for taxes imposed for taxable years beginning on or after July 1, 2016.