NC S465

Requires the Department of Administration to track vacancy status and duration for all State-owned or State-leased buildings in its property database, along with total potential liability for each building and its land

Establishes a new surplus real property disposal system requiring the Department to identify and dispose of vacant or unneeded State property, with properties vacant for one year or longer specifically flagged for consideration

Mandates disposal of surplus property by sale, with auction or transfer to local governments for economic development purposes allowed if sale is unsuccessful after six months

Distributes sale proceeds after expenses as follows: 50% to the General Fund and 50% to the Department of Administration for repair and renovation projects

Requires the Department to submit a report on vacant building data to the Joint Legislative Oversight Committee on General Government and Fiscal Research Division within three months of the July 1, 2025 effective date