NC S427

Expands the property tax exclusion for "qualified personal property" to include business property valued at $20,000 or less at acquisition, in addition to non-business personal property already excluded

Excludes from the tax exemption: registered motor vehicles, mobile homes, and aircraft/watercraft required to be registered under state or federal law

Creates a presumption that no changes to listed property have occurred if a person fails to timely list property with the assessor

Waives interest on property tax underpayments for real and personal property in disaster-affected areas (as defined in S.L. 2024-57) for the period January 7, 2025 through December 31, 2026, with any collected interest applied as a credit to the following year's tax

Tax exclusion changes take effect for taxable years beginning on or after July 1, 2025