Amends GS 105-277.1B by making the following change to the property tax homestead circuit breaker. Amends the definitions that apply to the statute by defining hold harmless amount as the tax deferred under subsection (f) of this statute and defining total hold harmless amount as the sum of the hold harmless amount for all permanent residences in the county and the hold harmless amount for all permanent residences in cities located within the county. Makes additional clarifying changes to the definitions.

Expands upon who is eligible for the property tax homestead circuit breaker by removing the requirement that the owner be at least 65 years old or totally and permanently disabled. Makes conforming changes.

Adds that the deferred taxes paid by the taxpayer, minus the penalties and interest owed on deferred taxes, must be remitted to the Department of Revenue to be credited to the General Fund. Also requires each county tax collector to annually notify the Secretary of Revenue (Secretary) by September 1 of the county's total hold harmless amount. Bars a county that fails to make this notification from receiving a reimbursement for that taxable year. Requires the Secretary to distribute to each county its respective total hold harmless amount annually by December 31. Requires funds attributable to a city within the county that received funds to be distributed to that city. Requires any funds received by a county or city because that county or city was collecting taxes for another unit of government or special district to be credited to the funds of that other unit or district according to regulations issued by the Local Government Commission. Requires the Secretary to draw from the collections received under Part 2 (Individual Income Tax) an amount equal to reimbursement of the cost to the Department of Revenue of administering the reimbursement. 

Effective for taxable years beginning on or after July 1, 2024.