NC S705

Requires counties to use the North Carolina Use-Value Advisory Board manual when administering the present use value program for property tax assessment.

Changes the definition of "present-use value" to base valuations on income and average level of management while conforming to data contained in the use-value manual, rather than allowing counties to independently determine capitalization rates.

Eliminates the previous fixed 9% capitalization rate for forestland and removes the requirement that the Use-Value Advisory Board determine capitalization rates for agricultural and horticultural land.

Changes the Use-Value Advisory Board's annual submission from a "recommended" manual to a required manual that counties must follow.

Effective for taxes imposed for taxable years beginning on or after July 1, 2011.