Provides that a board of county commissioners (board) of a county that conducts a reappraisal of real property under GS 105-286(a)(3), on a quadrennial or more frequent basis, can disregard the most recent reappraisal and revert to the reappraisal immediately preceding the latest if (1) the board adopts a resolution to revert to the preceding reappraisal no later than July 1 of the fiscal year in which the latest reappraisal would take effect and (2) the board determines that the preceding reappraisal more accurately complies with applicable assessment standards than the latest reappraisal. The board must give at least 10 days' public notice of its intent to adopt the resolution and must hold a public hearing. The resolution must designate a new reappraisal cycle and provide for a general reappraisal within eight years of the preceding reappraisal.

If a reversion to a previous reappraisal takes place, the board must make changes to the abstracts and tax records and will apply the reverted values for those properties for each tax year until the next general appraisal is performed. If an overpayment of taxes resulted, the board will send notice of refund and the refund will be sent to the record owner.

After reverting values, the board must provide notice to any taxpayer whose property has an adjusted value. Taxpayers with adjusted values have 30 days from the date of the notice to appeal the value.  Interest on overpayment of taxes will be calculated according to GS 105-360(e); additional taxes levied as a result of understated value will be calculated according to GS 105-312.

Includes a severability clause.