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NC H598

Bill

Official Source

Status

Introduced

4/13/2023

Primary Sponsor

Mitchell Setzer

Click for details

Origin

House of Representatives

2023-2024 Session

AI Summary

  • Adds a new cap to North Carolina tax law limiting property taxes levied by counties, municipalities, and other taxing districts to a maximum of 1% of a property's assessed value
  • Creates exception language allowing taxes to exceed 1% only if "otherwise expressly provided" by statute
  • Effective for all tax years beginning on or after July 1, 2023
  • Applies to real property taxation across all North Carolina taxing jurisdictions unless specifically exempted by law

Legislative Description

1% Property Tax Levy Limitation

Property

Last Action

Ref to the Com on Finance, if favorable, Rules, Calendar, and Operations of the House

4/17/2023

Committee Referrals

Finance4/17/2023

Full Bill Text

No bill text available