House committee substitute makes the following changes to the 1st edition.

Amends Section1 of this act to provide thatregardless of the provisions of GS 105-380 (No taxes to be released, refunded, or compromised) and any other provisions of law restricting the time when a change in appraisal or valuation of property may be made or any other provisions of Subchapter II of GS Chapter 105 that is inconsistent with this act, a board of county commissioners must engage in the measures required in this act if all of the specified conditions are met. Provides that the provisions of GS 105-380 do not apply to issuing any refund under the provisions of this act.

Deletes language specifying that the county have independent corroborating evidence regarding instances of inequity and instead requires independent evidence and requires that there be evidence that themajority of commercial neighborhoods in the county reviewed bya qualified appraisal company have significant issues of inequity. Provides that the same qualified appraisal company may conduct the review required under Section 1 and Section 2 of this act.

Provides that the interest on taxes that were paid on parcels with errorsthat resulted in the parcels having an overstated value are to be calculated at a rate of 5% per annum (was,required any overpayment of taxes, as a result of overstated valuations, to be refunded, with interest paid on the overpayment pursuant to GS 105-360(e)).Provides that the discovery penalties set out insubsection (h) of GS 105-312 do not apply to additional taxes levied on parcels as a result of errors causing the parcels to have an understated value and treated as taxes on discovered property under GS 105-312.

Amends the whereas clauses.