Modifies the term non-business property set forth in GS 105-275 (property classified and excluded from the tax base) so that it also refers to personal property used for production of income or in connection with a business, or both, provided the value of the property at the time of acquisition is equal to or less than $20,000 and no longer includes household furnishing, clothing, pets, lawn tools, and lawn equipment. Changes the name of the term to qualified personal property. Removes watercraft engines from the property exempted from the term. Clarifies that the motor vehicles, aircraft, and watercraft exempt under the term are those that are required to be registered the applicable provisions of State or federal law. Makes organizational changes.

Specifies that a person must now specifically list any changes, additions, subtractions with respect to a property where there is a duty to list under GS 105-308 (was, just list the property). Directs that if a person does not timely list property, there is a presumption that no changes, additions, or subtractions with respect to the property to be listed have occurred. Makes clarifying and conforming changes.

Effective for taxes imposed for taxable years beginning on or after July 1, 2025.

Designates real and personal property located in the affected area impacted by Hurricane Helen, as defined in Section 1A.4 of SL 2024-57, a special class of property under Article V, Section 7 2(2) of the North Carolina Constitution and must have interest accruing on the property administered in accordance with the act. Instructs that notwithstanding GS 105-360, interest on an  underpayment of property tax on real or personal property located in the affected area that (1) accrues for the period of January 7, 2025, through December 31, 2026, and (2) is due on September 1, 2024, will not be collected or, to the extent it is collected, will be carried forward as a credit against the tax due the following year. Specifies that this provision does not apply to classified motor vehicles.