Senate committee substitute makes the following changes to the 1st edition.

Amends Section 3 of SL 2013-362 regarding the transfer of real property that has been undervalued as a result of errors, which has resulted in an underpayment of taxes on the real property. Provides that if the property has changed owners in a tax year that requires reappraisal under SL 2013-362 resulting in underpayment, the taxes for each tax year before the fiscal year in which the transfer occurred and inclusive of the fiscal year in which the transfer occurred are to be collected against the owner of record as of January 1 of each tax year for which unpaid taxes exist. Permits the prior owner to enter into an agreement for a payment plan that is not more than 60 months in duration. Provides that if the unpaid taxes remain unpaid at the end of the 60 months, the collection method would be by levy, as provided in GS 105-367, or attachment and garnishment, as provided in GS 105-368.

Provides that if the current owner or a previous owner paid the underpaid taxes, the current owner may assert a valid defense for a refund of a tax imposed through clerical error under GS 105-381. Provides that the underpaid taxes are to be treated as taxes on discovered (was, undiscovered) property under GS 105-312, except that discovery penalties do not apply. Makes additional technical corrections.