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

Amends GS 105-317 (applicable to counties) and GS 105-328 (applicable to towns and cities) by amending the content of the notice that the assessor must give an owner after the revaluation of real property by removing (1) the total ad valorem tax that would be due on the property based on the appraised value of the property pursuant to the most recent revaluation and the property tax rate applicable in determining total ad valorem tax due in the year immediately preceding the most recent revaluation, (2) the annual property tax revenue for the county/city or town for revalued real property for every year of the prior revaluation cycle, and (3) the projected annual property tax revenue for the county/city or town for the revalued real property based on the appraised value of the property pursuant to the most recent revaluation in the county/city or town and the property tax rate applicable in determining the total ad valorem tax due in the year immediately preceding the most recent revaluation. Instead, requires including in the notice the property tax rate applicable in determining the total ad valorem tax due in the year immediately preceding the most recent revaluation.

Changes the act's effective date so that it is now effective for reappraisals effective on or after January 1, 2024 (was, for taxes imposed for taxable years beginning on or after July 1, 2023).