Bill > S178

This bill modifies the uniform assessment standard for self-service storage facilities in North Carolina by introducing a specific method for determining their taxable value. The bill defines a "self-service storage facility" by referencing an existing legal definition and establishes that such properties will be assessed based on the land they occupy and any improvements, while subtracting normal depreciation and obsolescence. Importantly, the assessment will exclude "business intangible value," which is defined as any value beyond the depreciated replacement cost of improvements and land value. This means that when calculating the property's taxable value, assessors will focus on the physical property itself rather than including additional intangible business-related value. The new assessment method will take effect for taxes imposed in taxable years beginning on or after July 1, 2026, giving local governments and property owners time to prepare for the change in assessment methodology.

https://www.ncleg.gov/BillLookUp/2025/S178