Removes specified property from Lake Luke's corporate limits. Provides that the act has no effect on the validity of any liens of the Town of Lake Lure for ad valorem taxes or special assessments outstanding before the effective date of this act. Such liens may be collected or foreclosed upon after the effective date of this act as though the property were still within the corporate limits of the Town of Lake Lure.

Provides that the above deannexation is only effective after approval by the registered voters of the Town of Lake Lure in a referendum conducted by the Rutherford County Board of Elections on November 3, 2015, conducted in accordance with the provisions of GS 163. 

If a majority of votes being cast were for the approval of the deannexation, the above provisions will become effective June 30, 2015.