If you are holding in inventory for sale a single-family or duplex house or land which you have improved for residential or commercial purposes since July 1, 2015, you are eligible to have the value of these improvements exempted from local property taxes.
This exemption also applies to single-family and duplex houses under construction or land currently being developed. But, you must apply for this exemption every January.
In one of NCHBA’s most important legislative victories ever, the General Assembly in 2015 exempted from local property tax the increase in value of real property held for sale by a builder or developer to the extent that the increase is attributable to subdivision or other improvement to the property.
For more information and details on this law, click here.
Don’t leave your money on the table! Apply for this exemption.