NC H1909

Expands exceptions to ownership requirements for agricultural land under the property tax present-use value (PUV) program in North Carolina.

Allows land to qualify for PUV classification under a "continued use" exception if the land was appraised at present-use value when ownership transferred, the new owner continues the same agricultural use, and timely files an application accepting liability for deferred taxes.

Allows land to qualify for PUV classification under an "expansion of existing unit" exception if the new owner already owns other classified agricultural land and acquires new land for the same agricultural purpose, even if the newly acquired land was not previously appraised at present-use value.

Requires newly acquired land under the expansion exception to be converted to agricultural use within one year of acquisition or lose present-use value eligibility.

Effective for taxes imposed for taxable years beginning on or after July 1, 2011, and applies to property acquired on or after January 1, 2010.