NC S534

Modifies the tax classification for real property owned by nonprofit corporations to include properties held for conservation purposes, not just exclusively for educational and scientific purposes as protected natural areas.

Adds a new property classification (29b) allowing real property held by nonprofit land conservation organizations to be excluded from the tax base for up to five years if held for sale under a conservation agreement or for transfer to government units for conservation purposes.

Defers taxes on qualifying conservation properties, with deferred taxes becoming a lien on the taxpayer's real property and due when the property loses eligibility through a disqualifying event (such as not being sold or transferred within the five-year period).

Exempts deferred tax liens from collection if the property is successfully sold or transferred under a conservation agreement or to a local, state, or federal government unit within the allowed timeframe.

Makes the act effective for taxes imposed for taxable years beginning on or after July 1, 2011.