NC H168

Removes the requirement that builders be licensed as general contractors under G.S. 87-1 to qualify for property tax exemptions.

Exempts from property taxation the increase in value of residential real property held for sale by builders when attributable to subdivision, improvements, or construction of a single-family residence or duplex, with a maximum exemption period of three years.

Exempts from property taxation the increase in value of commercial real property held for sale by builders when attributable to subdivision or improvements, with exemptions ending at the earlier of five years, issuance of a building permit, or sale of the property.

Requires assessors to specify what portion of property value represents increases from builder subdivision or improvements when appraising classified properties.

Effective for taxes imposed for taxable years beginning on or after July 1, 2016, and applies to improvements made on or after July 1, 2015.