Removes three parcels as described, from the corporate limits of the Village of Walnut Creek. Provides a savings clause for the validity of any liens of Walnut Creek for outstanding ad valorem taxes or special assessments. Effective June 30, 2026. Deems property in the described territory as of January 1, 2026, no longer subject to municipal taxes for taxable years beginning on or after July 1, 2026. 

Prohibits Walnut Creek from exercising any powers granted to cities in GS Chapter 160D in any area beyond its contiguous corporate limits. Effective on the date the act becomes law, except that Walnut Creek's development regulations and powers of enforcement remain in effect in that area until the time provided in GS 160D-202(h). Specifies that this act or other provisions of law to the contrary, any acquisition, conveyance, transfer, or acceptance of real property or interest in real or personal property by Walnut Creek occurring prior to the effective date is hereby ratified, validated, confirmed, and approved in all respects as if Walnut Creek had possessed full legal authority to undertake such action at the time it occurred.