Form Av-65 Builder Property Tax Exemption - Forthys County Page 2
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2Form AV-65
(11-15)
G.S. 105-273. Definitions.
(3a) "Builder" means a taxpayer engaged in the business of buying real property, making improvements to it, and then reselling it."
G.S. 105-277.02. Certain real property held for sale classified for taxation at reduced valuation.
(a) Residential Real Property. – Residential real property held for sale by a builder is designated a special class of property under authority of
Article V, Sec. 2(2) of the North Carolina Constitution. For purposes of this subsection, "residential real property" is real property that is intended to be
sold and used as an individual's residence immediately or after construction of a residence, and the term excludes property that is either occupied by a
tenant or used for commercial purposes such as residences shown to prospective buyers as models. Any increase in value of this classified property
attributable to subdivision of, improvements other than buildings, or the construction of either a new single-family residence or a duplex on the
property by the builder is excluded from taxation under this Subchapter as long as the builder continues to hold the property for sale. In no event shall
this exclusion extend for more than three years from the time the improved property was first subject to being listed for taxation by the builder.
(b) Commercial Property. – Commercial real property held for sale by a builder is designated a special class of property under authority of
Article V, Sec. 2(2) of the North Carolina Constitution. For purposes of this subsection, "commercial real property" is real property that is intended to be
sold and used for commercial purposes immediately or after improvement. Any increase in value of this classified property attributable to subdivision
of or other improvements made to the property, by the builder, is excluded from taxation under this Subchapter as long as the builder continues to
hold the property for sale. The exclusion authorized by this subsection ends at the earlier of the following:
(1) Five years from the time the improved property was first subject to being listed for taxation by the builder.
(2) Issuance of a building permit.
(3) Sale of the property.
(c) The builder must apply for any exclusion under this section annually as provided in G.S. 105-282.1.
(d) In appraising property classified under this section, the assessor shall specify what portion of the value is an increase attributable to
subdivision or other improvement by the builder.
This legislation effective for taxes imposed for taxable years beginning on or after July 1, 2016, and applies to subdivision of or other improvements
made on or after July 1, 2015.
§ 105-285. Date as of which property is to be listed and appraised
(d)
Real Property. - The value of real property shall be determined as of January 1 of the years prescribed by G.S. 105-286 and G.S. 105-287.
The ownership of real property shall be determined annually as of January 1, except in the following situation: When any real property is acquired after
January 1, but prior to July 1, and the property was not subject to taxation on January 1 on account of its exempt status, it shall be listed for taxation by
the transferee as of the date of acquisition and shall be appraised in accordance with its true value as of January 1 preceding the date of acquisition;
and the property shall be taxed for the fiscal year of the taxing unit beginning on July 1 of the year in which it is acquired. The person in whose name
such property is listed shall have the right to appeal the listing, appraisal, and assessment of the property in the same manner as that provided for
listings made as of January 1.
AFFIRMATION: I, the undersigned, declare under penalties of law that this application and any attachments are true and correct to
the best of my knowledge and belief. I have read the applicable exemption and listings statutes above. I fully understand that a
transfer or failure to meet the statutory qualifications will result in the loss of the exclusion.
Signature(s) of Owner(s):
_____________________________________Title: __________________________Date: _______________
(All tenants of a tenancy
_____________________________________Title: __________________________Date: _______________
in common must sign.)
_____________________________________Title: __________________________Date: _______________
The Tax Assessor may contact you for additional information after reviewing this application.
OFFICE USE ONLY: [ ] APPROVED
[ ] DENIED BY: _____________________________ REASON FOR DENIAL: ______________________________________________
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