NC S508

Eliminates the four-year ownership requirement for land to qualify for present-use value (PUV) property tax classification in North Carolina.

Removes subsections (b) and (b1) that previously required individual owners to have owned the land for four years, business entities to have owned land for four years through specified ownership chains, and trusts to have owned land for four years.

Retains exceptions allowing new owners to qualify for PUV classification if they acquire and continue using the land for its classified purpose and timely file required applications accepting liability for deferred taxes.

Retains the ability for new owners to expand existing PUV units without meeting prior ownership requirements if the land is eligible for and used for the same purpose as other classified land already owned.

Effective for taxes imposed for taxable years beginning on or after July 1, 2013.