North Carolina S427 modifies property tax rules, exempting certain personal property from taxation and altering interest collection on underpayments.

North Carolina S427 modifies property tax rules by excluding certain personal property from taxation. It defines "non-business qualified personal property" as personal property used for purposes other than income production and not used in connection with a business, including household furnishings, clothing, pets, lawn tools, and equipment. The bill also excludes specific items like motor vehicles, mobile homes, aircraft, and watercraft from this exemption.

North Carolina S427 modifies property tax rules, exempting certain personal property from taxation and altering interest collection on underpayments.

North Carolina S427 modifies property tax rules by excluding certain personal property from taxation. It defines "non-business qualified personal property" as personal property used for purposes other than income production and not used in connection with a business, including household furnishings, clothing, pets, lawn tools, and equipment. The bill also excludes specific items like motor vehicles, mobile homes, aircraft, and watercraft from this exemption.