NC H492

Adds G.S. 105-277.02 to the list of special property classes eligible for single-application treatment under G.S. 105-282.1, allowing builders to file one application instead of annual applications for property tax exclusions on builder inventory.

Builders no longer need to reapply annually for exclusions on increases in value of property held for sale, but must reapply only when new property is acquired, improvements are added or removed, or property use or taxpayer qualifications change.

Removes the requirement that builders "apply for any exclusion under this section annually" and replaces it with application requirements as provided in G.S. 105-282.1.

Effective for taxes imposed for taxable years beginning on or after July 1, 2019.