Real Property held for sale by a builder is designated a special class of property in North Carolina.
Residential
- Real property intended to be sold and used as an individual's residence immediately after construction of residence
- Excludes property occupied by a tenant or used for commercial purposes, such as model homes
- Exclusion ends when the property is sold or after 3 years from the application year
Commercial
- Real property that is intended to be sold or used for commercial purposes immediately or after improvement
- Exclusion ends when the property is sold or after 5 years from the application year

Effective for taxable years imposed on or after July 1, 2020, a single application is required.
A timely application is to be submitted between January 1 and January 31. Late applications will be accepted for review if the Board of Equalization and Review approves the reason for the late submission.
Builders Property Tax Exclusion - AV-65 (PDF)