Current law provides that agricultural, horticultural, and forestland are designated as special classes of property under Section 2(2) of Article V of the North Carolina Constitution and as such must be appraised, assessed, and taxed as provided in GS 105-277.2 through GS 105-277.7. Amends GS 105-277.3(a), which defines agricultural, horticultural, and forestland, to make changes in the classifications to facilitate the entry of farmland (agricultural and horticultural classifications) into the Present-Use Value program (PUV) by providing an additional way to meet the income requirements. Amends subsection (b), regarding individual ownership requirements, to provide that one of the conditions that land owned by an individual may satisfy is that it has been owned by the current owner or a relative of the current owner for the year(was, four years) preceding January 1 of the year for which the benefit is claimed.

Amends GS 105-320 to require that before a tax receipt form may be approved, it must include a summary of the tax benefit and eligibility requirements for agricultural, horticultural, and forestland under GS 105-277.3 and GS 105-277.4. Permits this information to be submitted on a separate sheet furnished to the taxpayer instead of being shown on the tax receipt.

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