North Carolina H1042 modifies the property tax exemption for nonprofit low- or moderate-income housing.

North Carolina H1042 updates the property tax exemption for nonprofit low- or moderate-income housing. The bill exempts real and personal property from taxation if owned by certain nonprofit entities and used for charitable purposes. It specifies that the property must be exclusively used for charitable purposes and not operated for profit. The bill also details the conditions for government-supported and non-government-supported affordable rental housing, including the need for compliance with regulatory requirements and the submission of annual reports.

North Carolina H1042 modifies the property tax exemption for nonprofit low- or moderate-income housing.

North Carolina H1042 updates the property tax exemption for nonprofit low- or moderate-income housing. The bill exempts real and personal property from taxation if owned by certain nonprofit entities and used for charitable purposes. It specifies that the property must be exclusively used for charitable purposes and not operated for profit. The bill also details the conditions for government-supported and non-government-supported affordable rental housing, including the need for compliance with regulatory requirements and the submission of annual reports.