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Bill designed to spark new construction by offering tax breaks to property developers awaiting governor's signature

PRE News & Ideas | By Annette Weston
Published June 22, 2026 at 6:55 AM EDT
A new home under construction in Pepper Pike, Ohio. This spring's jobs data could look much brighter if housing heats up.
Tony Dejak
/
AP
File: A new home under construction.

North Carolina lawmakers have passed a bill designed to spark new construction by offering massive tax breaks to property developers. Senate Bill 695 is now on the governor's desk after receiving near-unanimous bipartisan support in the General Assembly.

The legislation allows local governments to set up specialized development finance districts. Within these zones, municipalities can grant developers up to a 90% property tax exclusion on the value of new improvements. The substantial tax break can last for up to 10 years to help incentivize local building projects.

If signed by Governor Josh Stein, the new development rules will take effect on July 1.
Annette Weston
Annette is originally a Midwest gal, born and raised in Michigan, but with career stops in many surrounding states, the Pacific Northwest, and various parts of the southeast. An award-winning journalist and mother of four, Annette moved to eastern North Carolina in 2019 to be closer to family – in particular, her two young grandchildren. It’s possible that a -27 day with a -68 windchill in Minnesota may have also played a role in that decision. In her spare time, Annette does a lot of kiddo cuddling, reading, and producing the coolest Halloween costumes anyone has ever seen. She has also worked as a diversity and inclusion facilitator serving school districts and large corporations. It’s the people that make this beautiful area special, and she wants to share those stories that touch the hearts of others. If you have a story idea to share, please reach out by email to westona@cravencc.edu.
See stories by Annette Weston