Bill > S427

This bill makes several modifications to North Carolina's property tax laws. First, it redefines "qualified personal property" to include personal property used for non-business purposes, as well as business-related personal property valued at $20,000 or less at the time of acquisition, while explicitly excluding motor vehicles, mobile homes, aircraft, and watercraft that are required to be registered. Second, the bill adjusts listing requirements for property owners, introducing a presumption that no changes have occurred if property is not timely listed and clarifying the penalties for willful failure to list property changes. Third, the bill creates a special property tax provision for an undefined "affected area" where property tax interest accruing between January 7, 2025, and December 31, 2026, will not be collected or will be carried forward as a credit against the following year's tax, with an exception for classified motor vehicles. The changes to property classification and listing requirements will take effect for taxes imposed in taxable years beginning on or after July 1, 2025, while the remainder of the bill becomes effective immediately upon becoming law.

Budget and Finance

https://www.ncleg.gov/BillLookUp/2025/S427