Bill > H647

This bill modifies North Carolina tax law to allow certain conservation organizations to qualify for present-use value (PUV) property tax assessment, which typically provides lower tax rates for agricultural, horticultural, and forestland. The bill defines a "conservation holder" as a nonprofit or private corporation organized to receive and administer land for preserving its agricultural, horticultural, or forestry uses in perpetuity. It creates new exceptions to existing property tax classification rules that will enable these conservation organizations to maintain the present-use value tax status when they acquire land, even if the land does not meet traditional production or income requirements. Specifically, the bill allows a conservation holder to receive land that was previously assessed at present-use value and continue that tax status, provided the land is used consistently with the organization's conservation purposes. The conservation holder must file the appropriate application and accept liability for any deferred taxes. The changes will apply to taxes imposed for taxable years beginning on or after July 1, 2026, providing a clear implementation timeline for local tax authorities and potential conservation land buyers.