Amends Entity Ownership Requirements, GS 105-277.3(b1), to provide that the business entity ownership requirements for qualification of land at its present use value for tax purposes are met when the current owner of the land shares members in common with the previous owner of the land for the four years immediately preceding January 1 of the year for which the benefit is claimed.
Effective for taxable years beginning on or after July 1, 2011. Provides that applications for property tax relief may be filed and must be accepted at any time up to and through September 1 for the July 1, 2011, tax year.