NC S408

Expands "qualified personal property" tax exemption to include personal property used for producing income in connection with single-family residential dwelling unit rentals, provided each item is valued at $10,000 or less at acquisition.

Excludes motor vehicles, mobile homes, and registered aircraft and watercraft from the qualified personal property exemption.

Allows counties that postponed 2023 reappraisals (between January 1 and June 30, 2023) to change real property values effective for the taxable year beginning July 1, 2023, using their previous reappraisal schedule.

Requires the Department of Revenue and counties to add a means on business personal property listing forms for taxpayers to indicate when property qualifies for the single-family residential rental exemption.

Makes Sections 1 and 2 effective for taxable years beginning July 1, 2024, with remaining sections effective upon enactment.