NC H439

Creates a new "site infrastructure land" property tax deferral program for land parcels of at least 100 contiguous acres zoned for industrial or office use with no primary building or structure.

Allows property owners to defer taxes representing the increase in property value from infrastructure improvements plus the difference between true value and agricultural land value, with deferred taxes becoming a lien on the property.

Requires property owners to invest in improvements to make the land suitable for industrial or office use within 5 years; if minimum investment is not made within this timeframe or if the land is held for 10 years after classification, deferred taxes for the preceding 5 years become due and payable.

Deferred taxes become immediately due if the land is rezoned away from industrial or office use, transferred, or a building permit is issued for a primary structure on the land.

Effective for taxes imposed for taxable years beginning on or after July 1, 2013, and requires the State Secretary to report annually to the Department of Commerce on the number and location of qualified site infrastructure lands.