Builder Property Tax Exemptions
Property tax exemptions are available for qualifying residential and commercial builders.
Residential Properties
Excludes from taxation the increase in property value attributable to:
- Subdivision of a parcel for future residential construction
- Non-structural improvements (grading, streets, utilities, etc.) for future residential construction
- Construction of a new single-family home or duplex
The property must continue to be owned by a builder, not occupied by a tenant, and not used as a model home or for any other commercial purposes. The exclusion is limited to 3 years from the date the property was first subject to be listed by the builder.
Commercial Properties
Commercial property may benefit from the exclusion:
- For a maximum of five years, but the exclusion covers only the increase in value attributable to subdivision or non-structural improvements
- Any improvement requiring a building permit terminates exclusion eligibility