Amends GS 105-277.4 concerning deferred taxes of agricultural, horticultural, and forest land, deleting language which provided that if a property lost its eligibility for present-use value classification because it was conveyed by gift to a nonprofit organization and qualifies for exclusion from the tax base, then no deferred taxes were due and the lien for deferred taxes was extinguished. 

Adds new provision to GS 105-277.4 concerning the conveyance of property eligible for present-use value classification to a nonprofit, providing that if the property is then used in a way that qualifies it for exclusion from the tax base then deferred taxes are due as follows: (1) if the property is conveyed at or below present-use value, then no deferred taxes are due and the lien for the deferred taxes is extinguished or (2) if the property is conveyed for more than the present-use value, then a portion of the preceding three fiscal years of deferred taxes will be due in accordance to the provisions in GS 105-277.1F. Sets out how to calculate the amount owed, either being equal to or lesser of the full amount deferred or the deferred amount multiplied by a fraction as specified. 

Effective for taxes imposed for taxable years beginning on or after July 1, 2015.