Removes specified property from the Elizabeth City corporate limits, effective June 30, 2025. Specifies that this has no effect on the validity of any of the City's liens for ad valorem taxes or special assessments outstanding before June 30, 2025, and allows those liens to be collected or foreclosed upon as though the property were still within the City's corporate limits. Exempts property in the described territory as of January 1, 2025, from municipal taxes for taxes imposed for taxable years beginning on or after July 1, 2025.