Enacts new GS 105-277.15B. Designates displaced residential land as a special class of property and sets out provision for the appraisal, assessment, and tax of such property. Requires property to meet the following to qualify as displaced residential land: (1) the dwelling site was not zoned for a particular use or was zoned for residential use; (2)  prior to the time the dwelling site was zoned or during the time the dwelling site was zoned for residential use, a permanent residence was constructed on the dwelling site; (3) the dwelling site was zoned after construction of the permanent residence for a use other than residential use; and (4) the owner of the dwelling site was the owner at the time of the zoning for a use other than residential use. Allows an owner to defer a portion of the tax imposed on displaced residential land. Sets out occurrences that are disqualifying events, at which time the deferred taxes are due.

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