REALTOR NIGHT WITH THE GREENSBORO GRASSHOPPERS AUGUST 10
REALTOR Night at the Ballpark is coming soon! Get a free "GRRA Swings for the Fences" T-shirt with every $7 advance ticket purchased for the 7:00 PM August 10, 2010 game between the Greensboro Grasshoppers and the Hickory Crawdads. Hurry -- quantities are limited, and shirts are issued on a first come, first-served basis. Buy your ticket at the GRRA front desk, and plan to wear the t-shirt to the game. Help promote the REALTOR brand, GRRA, your community, and the Greensboro Grasshoppers.ARE YOU AN AGENT REPRESENTING A BUILDER?
As a reminder, the North Carolina Home Builders Association pushed through the following bill last session that allows Builders to defer property tax on unsold/unoccupied inventory for up to 5 years. Share this information with your builder colleagues!
(Triad Legislators Hugh Holliman and Harold Brubaker were primary bill sponsors, so if you use this you might want to thank them.) GENERAL ASSEMBLY OF NORTH CAROLINA
SESSION LAW 2009-308
HOUSE BILL 852
AN ACT TO DEFER A PORTION OF THE PROPERTY TAX DUE ON REAL PROPERTY
HELD FOR SALE BY A BUILDER.
The General Assembly of North Carolina enacts:
SECTION 1. G.S. 105-273 is amended by adding a new subdivision to read:
"(3a) "Builder" means a taxpayer licensed as a general contractor under G.S. 87-1 and engaged in the business of buying real property, making improvements to it, and then reselling it."
SECTION 2. Article 12 of Chapter 105 of the General Statutes is amended by
adding a new section to read:
"§ 105-277.1D. Inventory property tax deferral.
(a) Classification. – A residence owned and constructed by a builder is designated a special class of property under Section 2(2) of Article V of the North Carolina Constitution and is taxable in accordance with this section. For purposes of this section, a "residence" is an improvement, other than remodeling, renovating, rehabilitating, or refinishing, by a builder to
real property that is intended to be sold and used as an individual's residence, that is unoccupied, and for which a certificate of occupancy authorized by law has been issued.
(b) Deferred Taxes. – A builder may defer the portion of tax imposed on real property that represents the increase in value of the property attributable solely to improvements resulting from the construction by the builder of a residence on the property. The difference between the taxes due under this section and the taxes that would have been payable in the absence of this section are a lien on the real property of the taxpayer as provided in G.S. 105-355(a). The difference in taxes for the fiscal years preceding the current tax year shall be carried forward in the records of the taxing unit or units as deferred taxes. The deferred taxes are due and payable in accordance with G.S. 105-277.1F when the property loses its eligibility for deferral because of the occurrence of a disqualifying event. A disqualifying event occurs at the earliest of (i) when the builder transfers the residence, (ii) when the residence is occupied by the builder or by someone other than the builder with the builder's consent, (iii) five years from the time the improved property was first subject to being listed for taxation by the builder,
or (iv) three years from the time the improved property first received the property tax benefit provided by this section. On or before September 1 of each year, the collector shall notify each builder to whom a tax deferral has previously been granted of the accumulated sum of deferred taxes and interest.
(c) Creditor Limitations. – A mortgagee or trustee that elects to pay any tax deferred by the builder subject to a mortgage or deed of trust does not acquire a right to foreclose as a result of the election. Except for requirements dictated by federal law or regulation, any provision in a
mortgage, deed of trust, or other agreement that prohibits the builder from deferring taxes on property under this section is void.
(d) Construction. – This section does not affect the attachment of a lien for personal property taxes against a tax-deferred residence.
(e) Application. – An application for property tax relief provided by this section should be filed during the regular listing period but may be filed after the regular listing period upon a showing of good cause by the applicant for failure to make a timely application, as determined and approved by the board of equalization and review or, if that board is not in session, by the
board of county commissioners. An untimely application approved under this subsection applies only to property taxes levied by the county or municipality in the calendar year in which the untimely application is filed. Decisions of the county board may be appealed to the Page 2 Session Law 2009-308 SL2009-0308
TAX CREDIT, FLOOD INSURANCE EXTENSIONS PASS CONGRESS
After a close brush with the deadline, Congress has passed an extension of the Homebuyer Tax Credit closing deadline, the Homebuyer Assistance and Improvement Act (H.R. 5623). The extension applies only to transactions that have ratified contracts in place as of April 30, 2010 that have not yet closed. The legislation is designed to create a seamless extension the new closing deadline for eligible transactions is now September 30, 2010. There is will be no gap between June 30 and the date the President signs the bill into law.
NAR worked closely with Congressional leaders on both sides of the aisle to enact this important legislation. Extending the Tax Credit Closing deadline will help provide additional stability to real estate markets across the nation.
For additional information on the extension visit www.realtor.org/government_affairs
Additionally, the United States Senate has passed the National Flood Insurance Program Extension Act of 2010 (H.R. 5569) an extension of the National Flood Insurance Program until September 30, 2010. This will allow transactions to move forward. The bill is retroactive and covers the lapse period from June 1, 2010 to the date of enactment of the extension.
For more information on the flood insurance program visit www.realtor.org/government_affairsCITY EXPANDS COVERAGE OF URBAN LOOP MAPPING TOOL
The City of Greensboro’s Department of Transportation (GDOT) has revised its interactive Urban Loop Mapping Tool to now include other major City- and state-planned roadway projects. The tool, now called Road Project Mapping Tool, can be accessed from the left column of the City’s website home page at www.greensboro-nc.gov.
The purpose of the new mapping tool is to provide easy Web access to major roadway project locations and design information. Simply click on the Road Project Mapping Tool link, enter an address within Guilford County, and see how close a property may be to a planned major roadway project.GUILFORD TAX INFO SERVICE NOW LIVE
The Guilford County Tax Department has announced that the long-awaited overhaul of its Billing and Collections system will be unveiled to the public on July 6, 2010. Read about it here (.pdf file).
HELP LEGALIZE SIGNS IN OAK RIDGE
In the first meeting of TREBIC's Small Town Sign Legalization Task Force, Oak Ridge was designated the first priority. Oak Ridge is the only town that actually prohibits the signs, and they enforce heavily.
The Task Force is organizing a meeting of the Realtors AND BUILDERS most involved in that area to determine a consensus on how to move forward in this jurisdiction. The meeting will be held at the Allen Tate office in Oak Ridge (2215 Oak Ridge Road) on Tuesday, July 27 at 6:30 p.m. Please spread the word to agents and builders that regularly work in Oak Ridge. It is imperative that we have their input.
The next meeting for Small Town Sign Legalization Task Force is Wednesday, July 28 at 3:00 pm at GBA upstairs. Contact Judy Stalder at TREBIC (email@example.com) if you would like to join the task force for
a) all meetings OR
b) to participate in discussions about a particular town or jurisdiction
Here is how you can help:
1) Email Judy Stalder at TREBIC (firstname.lastname@example.org) if you know of any areas where enforcement of sign ordinances is occurring and/or causing problems
2) Think about the “mood” of staff and elected officials in your town. Are they friendly/sympathetic to builders and Realtors? Are they builders or Realtors themselves? Email information to Judy.
3) Archdale, Trinity and Jamestown have ordinances that specifically allow off premise real estate signs. Let Judy know if you have experienced problems in these jurisdictions.
REALTOR PARTNER NEWS
July Partner of the Month
Think BIG and save along the way! Your NCAR membership entitles you to discounts on UPS ground, air and international shipping every time you ship. Whether you send 50 shipments a month or two shipments a week, the savings add up. With UPS, even small businesses save big! Click here to sign up: www.savewithups.com/enroll/ and enter the promotional code: SER213!
2011 Committee Request Forms
If you would like to serve on the REALTOR® Partner Committee in 2011, please fill out the attached application or visit our website to submit a request online at www.ncrealtors.org.
TREBIC: ALL THINGS AIRPORT JULY 20TH
4:00-5:30 pm, Tuesday, July 20th
ALL THINGS AIRPORT!
4:00 PTIA Master Plan Briefing, Kevin Baker, Deputy Director PTIA
4:45 Heart of the Triad Briefing, Jeff Hatling, Kernersville Planning Director
5:15 Aerotropolis Land Supply Analysis Update, Marlene Sanford, Subcommittee Chair
At High Point Regional Association of Realtors
1830 Eastchester Drive, High Point 27265
Members of the following associations are invited to this area-wide event:
GRRA, HPRAR and WSRAR
GRCA, HPRCA and WSRCA
GBA and HBAWS
TAA and NAIOP
Parking is limited to 80 vehicles, so carpool if you can.
REALTOR.COM SITE REDESIGN ENTERS BETA TESTING PHASE
We want to bring you up-to-date on the new REALTOR.com® website redesign that is currently in beta testing. The new site enhancements make accessing all the rich data available on REALTOR.com® intuitive and better than ever! The millions of consumers who visit REALTOR.com® each month will be able to find properties, as well as companies and agents, faster and more easily.
The “new” REALTOR.com will have upgrades to the search functionality and mapping presentation for current properties for sale, and the user interface design has been updated with new coloring and a tab layout at the top of the page.
Key Features of the “new“ REALTOR.com – currently in “beta” release:
New “Find REALTORS®” and Free Member Profile Pages for ALL
ALL members will have the opportunity to have a Profile Page within the new Find REALTORS® search experience. All members will be able to:
- upload their photo
- include an “About Me” romance paragraph
- identify designations/certifications
- specify languages spoken, specializations
- Interface with social networking links (Facebook®, LinkedIn®, Twitter®).
- Provide listing metrics – which can be turned off/on by the agent
The following link includes a short video and downloadable instructions for your members on “how to” add or revise their profile:
Improved presentation of listing data and property information
- The Listing Detail Pages are enhanced with more information -- including more prominently displayed Open House section, property tax and sales history, and better integration of neighborhood information
- The New Map Search allows consumer to explore neighborhoods, find points of interest, and learn about home values all on an easy-to-read map.
- Easier access to information that has been available on REALTOR.com for several years, such as the ability to more easily search recently sold properties and area sales statistics
New platform with improved speed and flexibility
In addition to the upgrades in the user experience, this release includes the launch of our new underlying system architecture and unified data base – bringing more technical flexibility to the site and faster search results for all users.
Users may choose to explore the Beta version of the new site now by clicking on the link at the top of the REALTOR.com® home page. We anticipate that the new REALTOR.com® experience will be fully released in Summer 2010.
Over One Million Downloads of REALTOR.COM® iPHONE APP in Five Months
We are also pleased to announce that the REALTOR.com iPhone application has had over 1,300,000 downloads since it was launched in January 2010! The REALTOR.com® iPhone application is the most comprehensive real estate search on iPhone. Consumers can search based on GPS location, search nearby Open Houses, show listings on a map, and “one tap” call to the listing agent. The REALTOR.com® iPhone app can be downloaded from Apple iTunes: itunes.apple.com/us/app/real-estate-search/id336698281 or visit our iPhone information page at www.realtor.com/iphone
EPA DELAYS LEAD PAINT ENFORCEMENT UNTIL OCTOBER
Big news in the world of lead-based paint: The Environmental Protection Agency this week announced it would delay enforcement of its new lead-based paint rules for contractors
No action will be taken until October 1 against contractors who haven't yet fulfilled their training.Read more about it at the GRRA Blog