NC S321

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

Exempts from property tax any increase in value of real property held for sale by a builder that is attributable to subdivision or improvements made by the builder, for up to five years from when the improved property is first listed for taxation.

Requires builders to apply annually for this exemption and mandates assessors to specify what portion of property value is attributable to builder improvements when appraising classified property.

Changes G.S. 105-287(d) to require assessors to appraise unsold portions of subdivided tracts as land acreage rather than as lots when more than five acres remain unsold.

Effective for tax years beginning on or after July 1, 2015.