NCHBA Builder Members:
If you are holding in inventory a for sale single-family home, townhouse, duplex, 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 for the next year. This exclusion, which can last up to three years if the house or land continues to be held for sale, also applies to single-family, townhouse, and duplex houses under construction or land currently being developed.
NCHBA successfully amended this law in 2021 to specifically include townhouses in this exemption. This action overrules a Department of Revenue opinion to the contrary that local governments had followed and restores the original legislative intent that townhouses be included.
Formerly, a builder was required to file for this exemption every January in the tax office where the property is located. However, in 2019 NCHBA successfully sought an amendment to the law applicable to the 2020 tax year and beyond, so that builders need only apply once to obtain the three-year exclusion.
So, anyone successfully applying for the exclusion in year one would not need to reapply in years two or three assuming the house or land continues to be held for sale. However, it would be wise to check with your local county tax office to make sure they are correctly applying the exclusion for the current tax year.
For qualifying property newly improved, an application is due by January 31 in the tax office located where the property is located. If you failed to take advantage of this exclusion in year one, you can still file for an exclusion for tax years two and/or three.
For more information and details on this law, click this link
Don’t leave your money on the table! Apply for this exemption by January 31.
FOR MORE INFORMATION CONTACT:
Steven Webb, [email protected]
Happy New Year!
Steven Webb
NCHBA Director of Legislative Affairs
My Take: For those who were unaware of this exemption, this is a heads up that you could be leaving your dollars on the table. For those who are aware, but have been procrastinating, please file the appropriate application by the January 31st deadline. This opportunity came about because of the hard work of the NCHBA lobbying team and represents another benefit of being a part of our broad coalition of real estate professionals who are constantly addressing our community interests.
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The 2027 Citizens Revaluation Advisory Committee is charged with reviewing general operations, monitoring developments, and analyzing statistical reports pertaining to the 2027 Revaluation’s progress. Committee members will work closely with the County Assessor’s Office. The Committee will convene on a monthly basis from March 1 to December 31, 2026, as part of the county-wide reappraisal process which will have an effective date of January 1, 2027.
To apply, visit BOCC.MeckNC.gov/Clerk or contact the County Clerk’s Office at 980-314-2939 or [email protected]. Applicants must reside in Mecklenburg County to qualify for an appointment.
My Take: In recent years we have worked to place a great number of real estate professionals, including Realtors®, on this advisory board. This is a great opportunity for those who have knowledge of current/actual real estate property values and are closely tied to the industry. If you plan to apply or are seeking additional information, please reach out to me directly at [email protected].
If you are interested in reviewing all of the boards and commissions around the region looking for volunteers, please visit our website here, and choose a County to display opportunities.
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