Conference committee substitute makes the following changes to the 5th edition. Makes conforming changes to act’s long title. Makes organizational changes.

Removes provisions constituting prior Section 1.5 of the act, applicable only to public service company system property located in a county subject to the act’s property tax reappraisal moratorium designating this property as a special class that is assessed for taxation under this section. Removes provisions repealing GS 105-284(b) (which required that the assessed value of public service company system property subject to appraisal by the Department of Revenue under GS 105-335(b)(1) be determined by applying to the allocation of such value to each county a percentage to be established by the Department of Revenue).

Section 1.

Makes a technical change to reflect that SL 2026-8 has become law.

Divides out the exemptions to Section 1 of SL 2026-8 so that the first three existing exemptions are general exemptions. Adds a revenue neutral exemption for a county that meets all of the following exemption requirements: (1) is in an affected area, as defined in Section 1.4 of SL 2025-2 (counties designated before, on, or after the effective date of the act under a major disaster declaration by the President of the United States as a result of Hurricane Helene); (2) is not otherwise subject to a general exemption; and (3) for the taxable year beginning July 1, 2026, adopts a property tax rate at or below the rate equal to its revenue-neutral property tax rate established under GS 159-11(e) rounded up to the next whole cent.

Section 2.

Specifies that a governing body of a unit of local government affected by the applicability provisions of Section 1 of SL 2026-8, as amended by the act, after passing its budget ordinance for the 2026-27 fiscal year must, unless subject to the revenue neutral exception in which the governing body may, amend that budget ordinance pursuant to GS 159-15 as if, after July 1, the local government had received revenues substantially different than the amount anticipated.