NC H355

Amends G.S. 105-277.8(a) to add a fourth requirement for nonprofit homeowners' associations to avoid property tax assessment on their property.

Requires that all property owned by the association be contained entirely within the same taxing jurisdictions as the taxable real property owned by association members to which it is appurtenant.

Allows assessors to allocate the value of association property among members' property using any fair and reasonable basis.

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