House committee substitute makes the following changes to the 1st edition. Rewrites GS 105-275(12) to exclude from the tax base real property that is owned by a nonprofit corporation or association organized to receive and administer lands for conservation purposes, is exclusively held and used for one or more of the purposes listed and detailed in the subdivision, and produces no income or produces income that is incidental to and not inconsistent with the purpose or purposes for which the land is held and used. Provides that the taxes otherwise due on such land is a lien on the real property of the taxpayer as provided in GS 105-355(a) and specifies when the liens are extinguished. Requires the taxes be carried forward in the records of the taxing units or units as deferred taxes. Provides that the deferred taxes for the preceding five fiscal years are due and payable in accordance with GS 105-277.1F when the property loses its eligibility for deferral as a result of a disqualifying event. Details disqualifying events.
Deletes proposed GS 105-275(29b) concerning real property owned or held by a nonprofit land conservation organization for land conservation purposes. Makes clarifying and organizational changes to GS 105-277.1F(a). Makes conforming changes to the bill title.