HB 119 – Property Tax Relief for COVID Affected Businesses

HB 119 – Property Tax Relief for COVID Affected Businesses

Primary House Sponsors: Rep. John Bradford, III (R-Mecklenburg); Rep. John Bell, IV (R-Greene, Johnston, Wayne); Rep. Jason Saine (R-Lincoln); Rep. Hardister (R-Guilford)

Summary

This bill seeks to provide property tax relief for businesses impacted by COVID-19 as follows:

  • Allows a qualifying property owner to enter into a payment plan for the property taxes owed on the affected property.
  • The payment plan’s term cannot extend beyond December 31 of the same year the taxes become delinquent and must require equal monthly installments.
  • Defines a qualified property owner as an owner demonstrating, for the applicable period of time as compared to 2019, that the COVID-19 pandemic caused (1) a reduction of at least 25% in gross revenues, (2) for retail businesses that collect and remit sales tax, a reduction of at least 25% in sales tax collections, or (3) both.
  • Requires property assessors to recognize the effect of COVID-19 relief efforts in value determination resulting from a change in the permitted use of the property that affected normal business operations.
  • Permits assessors to modify a property’s appraised value to recognize a change in value proportionate to the time during the year that resulted from economic changes due to the pandemic.

Movement

Filed 2/19/2021

 
 

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