Real Property held for sale by a builder is designated a special class of property in North Carolina.
Real property intended to be sold and used as an individual's residence immediately after construction of residence
Excludes property occupied by a tenant or used for commercial purposes, such as model homes
Exclusion ends when the property is sold or after 3 years from the application year
Real property that is intended to be sold or used for commercial purposes immediately or after improvement
Exclusion ends when the property is sold or after 5 years from the application year
Effective for taxable years imposed on or after July 1, 2020, a single application is required.
A timely application is to be submitted between January 1 and January 31. Late applications will be accepted for review if the Board of Equalization and Review approves the reason for the late submission.