NC S159

Requires additional taxes on properties with understated values to be treated as discovered property, due September 1 of the fiscal year but not earlier than four years from the last general reappraisal date.

Allows taxpayers owing more than $1,000 in additional taxes to pay through a payment plan of up to 36 equal monthly installments without accruing interest during the payment period.

Limits collection of underpaid taxes from current property owners to cases where they owned the property as of January 1 of the tax year in question, preventing liens and personal liability for taxes owed under previous owners.

Permits taxing units to adopt resolutions allowing them to withhold mailing refunds under $15.00 and instead apply such minimal refunds as credits toward the taxpayer's next year tax liability.

Establishes that minimal refunds must be tracked by receipt number and reported to the governing body, with taxpayers able to request in-person payment before the fiscal year ends.