|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, 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. Currently, a builder is required to file for this exemption every January in the tax office where the property is located and will continue to do so for 2020.
Starting this year, once the exemption is filed in January of 2020, you will not need to file again for that property in 2021 (or 2022) if it still qualifies for an exemption.
For more information and details on this law, click here. Don’t leave your money on the table! Apply for this exemption by January 31.
Additional Information: Mike Carpenter, firstname.lastname@example.org , or Tim Minton, email@example.com , or call NCHBA at (800) 662-7129.