Adds new subsection (c1) to GS 159-13 (The budget ordinance), requiring the governing board of a local government that conducts a general reappraisal of real property to hold a vote on whether to levy taxes on property for that year at the revenue-neutral tax rate under GS 159-11(e). If a majority of the board votes to impose the revenue neutral rate, then the board must impose that rate in the budget ordinance and levy taxes otherwise in accordance with the existing GS 159-13(c).

Applicable to ordinances passed on or after the act becomes law.