Amends GS 105-458 to provide that the payments received by the state and local governments from the Tennessee Valley Authority (Authority) in lieu of taxes will be apportioned between the local governments in which the property is owned or where an operation occurs based on each local government’s actual amount of real property, by acreage, submerged under the Authority’s reservoirs and upon which the Authority’s operations occur, as specified (was, based on each local government’s percentage of the total value of Authority property in the state). Makes a conforming change to GS 105-459 to delete the Department of Revenue’s annual determination of the allocation of the Authority’s valuation among local governments. Effective July 1, 2011.