NC H123

Revises ownership requirements for agricultural, horticultural, and forestland eligible for present-use value property tax classification.

Land owned by a business entity must have been owned for four years preceding January 1 of the tax year by the business entity itself, a member of the business entity, or another business entity whose members include a member of the current owner.

Land owned by a trust must have been owned for four years preceding January 1 of the tax year by the trust or one or more of its creators.

Effective for taxable years beginning on or after July 1, 2011, with applications for property tax relief accepted through September 1, 2011 for the initial July 1, 2011 taxable year.