NC H970

Allows new agricultural or horticultural land applicants to qualify for present-use value property tax assessment by showing gross income of at least $1,000 for either the single year preceding January 1 or the average of three years preceding January 1, instead of requiring three consecutive years of history.

Reduces the land ownership requirement from four years to one year for individual owners, business entities, and trusts applying for present-use value assessment on agricultural or horticultural land.

Maintains the minimum acreage requirements of 10 acres for agricultural land (except aquatic species farms requiring 5 acres) and 5 acres for horticultural land, with income thresholds of at least $1,000 average annual gross income.

Establishes new subsection (a1) creating separate income qualification rules for new applications versus properties already assessed at present-use value for three or more years, with the latter group continuing to meet the three-year average income requirement.

Makes changes effective for taxes imposed for taxable years beginning on or after July 1, 2019.