Amends GS 105-278.2, which sets forth a tax exemption for real property set apart for burial purposes, with assessment of the property based on certain specified considerations.

Current law excludes from the exemption real property set apart for burial purposes that is owned and held for purposes of sale or rental, or sale of burial rights therein. Modifies subsection (a) to now provide for the exemption of commercial real property set apart for burial purposes owned and held for purposes of sale or rental or sale of burial rights. Details forfeiture of the exemption and liability for past taxes due on the property if the commercial property no longer qualifies as burial property. Requires notification of the Department of Revenue within 14 days of the forfeiture, and requires payment within 30 days of forfeiture, subject to penalties provided in GS 105-236.

Now provides that real property not held for the purposes listed in subsection (a), as amended, that is set apart for burial purposes is exempt from taxation. Maintains the provisions prohibiting a county from denying the exemption to a taxpayer that lacks a survey or plat detailing the exempt property. No longer provides the considerations required for assessment of the property.

Amends the term real property to also include buildings, structures, improvements, and permanent fixtures (was, only land, tombs, vaults, monuments, and mausoleums).

Amends GS 105-282.1 to maintain the provision that does not require an application to be filed for exempt burial property of a taxpayer for real property exempt under existing law (now referenced as GS 105-278.2(b)). Adds commercial burial property to those exempt properties for which a taxpayer can file one application for the benefit with subsequent filing unless changes are made to the property.

Effective for taxable years beginning on or after July 1, 2020.