105-277.16. Taxation of low-income housing property.
A North Carolina low-income housing development to which the North Carolina Housing Finance Agency allocated a federal tax credit under section 42 of the Code is designated a special class of property under Article V, Section 2(2) of the North Carolina Constitution and must be appraised, assessed, and taxed in accordance with this section. The assessor must use the income approach as the method of valuation for property classified under this section and must take rent restrictions that apply to the property into consideration in determining the income attributable to the property. The assessor may not consider income tax credits received under section 42 of the Code or under G.S. 105-129.42 in determining the income attributable to the property. (2008-146, s. 3.1; 2008-187, s. 47.6.)
Structure North Carolina General Statutes
North Carolina General Statutes
Article 12 - Property Subject to Taxation.
§ 105-274 - Property subject to taxation.
§ 105-275 - Property classified and excluded from the tax base.
§ 105-276 - Taxation of intangible personal property.
§ 105-277 - Property classified for taxation at reduced rates; certain deductions.
§ 105-277.01 - Certain farm products classified for taxation at reduced valuation.
§ 105-277.02 - Certain real property held for sale classified for taxation at reduced valuation.
§ 105-277.1 - Elderly or disabled property tax homestead exclusion.
§ 105-277.1B - Property tax homestead circuit breaker.
§ 105-277.1C - Disabled veteran property tax homestead exclusion.
§ 105-277.1D - (See note for repeal.) Inventory property tax deferral.
§ 105-277.1F - Uniform provisions for payment of deferred taxes.
§ 105-277.2 - Agricultural, horticultural, and forestland Definitions.
§ 105-277.3 - Agricultural, horticultural, and forestland Classifications.
§ 105-277.5 - Agricultural, horticultural and forestland - Notice of change in use.
§ 105-277.6 - Agricultural, horticultural and forestland - Appraisal; computation of deferred tax.
§ 105-277.7 - Use-Value Advisory Board.
§ 105-277.8 - Taxation of property of nonprofit homeowners' association.
§ 105-277.9 - Taxation of property inside certain roadway corridors.
§ 105-277.9A - (See note for repeal) Taxation of improved property inside certain roadway corridors.
§ 105-277.11 - Taxation of property subject to a development financing district agreement.
§ 105-277.12 - Antique airplanes.
§ 105-277.13 - Taxation of improvements on brownfields.
§ 105-277.14 - Taxation of working waterfront property.
§ 105-277.15A - Taxation of site infrastructure land.
§ 105-277.16 - Taxation of low-income housing property.
§ 105-277.17 - Taxation of community land trust property.
§ 105-278 - Historic properties.
§ 105-278.1 - Exemption of real and personal property owned by units of government.
§ 105-278.3 - Real and personal property used for religious purposes.
§ 105-278.4 - Real and personal property used for educational purposes.
§ 105-278.6 - Real and personal property used for charitable purposes.
§ 105-278.6A - Qualified retirement facility.
§ 105-278.8 - Real and personal property used for charitable hospital purposes.