NC S155

Reduces the ownership duration requirement for agricultural and horticultural land from four years to one year before claiming present-use value (PUV) tax benefits.

Allows agricultural and horticultural land to qualify for PUV classification based on either three-year average gross income of $1,000 or one-year gross income of $1,000, providing an alternative to the previous three-year requirement.

Requires tax receipts to include a summary of the tax benefit and eligibility requirements for agricultural, horticultural, and forestland under the PUV program.

Applies to taxable years beginning on or after July 1, 2015.