Authorizes the Department of Revenue (DOR) to create and administer the Helene Local Government Revenue Replacement Grant Program (Program) to provide grants to local governments in western North Carolina that experienced revenue loss from property taxes, sales and use taxes, and water and sewer receipts as a result of Hurricane Helene. Authorizes a local government that is awarded a grant under the Program to use the funds for any public purpose. Defines eight terms, including eligible applicant (a local government that can show qualified revenue loss) and specifies that notwithstanding GS 105-472, a county is not eligible for a grant for sales and use tax revenue loss if it changes the method of distribution for the fiscal year beginning July 1, 2025. Defines qualified revenue loss as the sum of property tax revenue loss, sales and use tax revenue, and water and sewer fee revenue loss, as specified.

Permits an eligible applicant to apply for a grant in the amount of the eligible applicant's qualified revenue loss for the applicable application period so long as the applicant complies with the application periods set forth in the act. Authorizes DOR to accept applications until funds are fully awarded. Appropriates $40 million from the General Fund to DOR for 2025-26 to be used for the Program but allows DOR to use up to $800,000 in administration and the described outreach. Requires DOR to remit any leftover funds back to the Office of State Budget and Management (OSBM), to be returned to the General Fund. Specifies that amounts deposited into the Reserve under the act are receipts that do not constitute an "appropriation made by law," as that phrase is used in Section 7(1) of Article 30 V of the North Carolina Constitution. Sets out requirements for public outreach efforts. Requires DOR to submit a report to the specified NCGA committee and the Fiscal Research Division by March 1 on the two covered matters.

Specifies that real and personal property that both (1) is located in the affected area, as defined in Section 1A.4 of SL 2024-57 (counties designated before, on, or after the effective date of the law under a major disaster declaration by the President of the United States under the Stafford Act (P.L. 93‑288) as a result of Hurricane Helene) and (2) sustained damage as a result of Hurricane Helene for which the property owner received compensation in excess of $42,000 in the form of State or federal disaster relief or insurance proceeds, or a combination thereof, is designated a special class of property under Article V, Section 2(2) of the North Carolina Constitution and is eligible to have interest that (1) accrues for the period of January 7, 2025, through December 31, 2026, and (2) is attributable to an underpayment of property tax on qualifying real or personal property due on September 1, 2024, will not be collected or, to the extent it is collected, will be carried forward as a credit against the property tax due the following year. Exempts classified motor vehicles. Provides for an application for the interest relief described above to be filed no later than October 1, 2026, and that untimely applications will not be considered.