New Real Property Exclusion

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Presentation transcript:

New Real Property Exclusion Chris McLaughlin Associate Professor, UNC SOG mclaughlin@sog.unc.edu 919.843.9167 Fall 2015

Over the past three years, which of these “Big Four” ACC football teams has won the most games? Duke UNC NC State Wake Forest

Who says we’re a basketball school?

S.L. 2015-223 H168 G.S. 105-277.02 New exclusion for improvements to real property that is held for sale

G.S. 105-277.02 Real property held for sale Commercial or Residential Excludes property taxes on increases in value due to: Subdivision Non-structural improvements (grading, streets) New home construction

Residential Property

x

x

Commercial Property

Residential Property: What is Excluded? The taxes on the increase in value of property held for sale attributed to: Subdivision Non-structural improvements Construction of 1- or 2-family houses

Residential Property: How Long is the Exclusion? 3 years from the date the improved property was first listed

Residential Property: How Long is the Exclusion? Parcel A subdivided and graded in July 2016 Improved parcel first listed 2017 Tax appraisal of improved Parcel A increases for 2017-2018 year Exclusion may cover 2017, 2018, and 2019

Residential Property: What Terminates the Exclusion? Sale Removal from the market Lease to a tenant Use for commercial purpose (model home)

Residential Property: No Effect on Exclusion Builder occupies house Third-party occupies house for free?

Commercial Property: What is Excluded? The taxes on the increase in value of property held for sale attributed to: Subdivision Non-structural improvements

Commercial Property: How Long is the Exclusion? 5 years from the date the improved property was first listed

Commercial Property: What Terminates the Exclusion? Issuance of building permit Sale Removal from market

Differences Between Residential and Commercial Exclusion Structural improvements only for residential 3 years for residential 5 years for commercial

Similarities Between Residential and Commercial Exclusion Builder: “a taxpayer engaged in the business of buying real property, making improvements to it, and then reselling it.” Annual application (GS 105-282.1)

Similarities Between Residential and Commercial Exclusion Applies to improvements made on after July 1, 2015 2016 first tax year available