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NC H273

Bill

Official Source

Status

Passed

8/23/2021

Primary Sponsor

Larry Potts

Click for details

Origin

House of Representatives

2021-2022 Session

AI Summary

  • Exempts from property tax any increase in value of residential real property held for sale by a builder that results from construction of townhouses on the property
  • Extends existing tax exclusion to townhouses, which previously applied only to single-family residences and duplexes
  • Maintains the three-year maximum exclusion period from the time the improved property was first subject to taxation by the builder
  • Applies to taxable years beginning on or after July 1, 2022
  • Ratified August 16, 2021 and approved August 23, 2021

Legislative Description

Modify Builders Inventory Tax Exclusion

Construction

Last Action

Ch. SL 2021-113

8/23/2021

Committee Referrals

Rules and Operations of the Senate7/21/2021
Finance7/14/2021
Rules and Operations of the Senate5/6/2021
Rules, Calendar, and Operations of the House4/29/2021
Finance4/1/2021
Local Government - Land Use, Planning and Development3/15/2021

Full Bill Text

No bill text available