NC H533

Modifies exceptions to deferred taxes on land eligible for present-use value classification by separating automatic exceptions from conditional exceptions based on sale price.

Creates a new "Variable Exception" for property conveyed to nonprofit organizations or government entities: if conveyed at or below present-use value, no deferred taxes are due; if conveyed above present-use value, a prorated portion of deferred taxes from the preceding three fiscal years becomes due based on the sale price premium.

Retains automatic exception (no deferred taxes due) for property losing eligibility solely due to enrollment in the federal conservation reserve program under 16 U.S.C. Chapter 58.

Allows taxpayers to contest Department of Revenue determinations that amended returns or claims for refund were filed outside the statute of limitations through contested case hearings at the Office of Administrative Hearings.

Permits taxpayers with pre-enactment statute of limitations determinations to contest those determinations within 60 days of the bill's enactment; if successful, matters are remanded to the Department to consider substantive issues.