H348

North Carolina H348 extends deferred property tax carryforward for present-use value properties from three to six years, establishes a grant program.

North Carolina H348 modifies the carryforward period for deferred property taxes on present-use value properties from three to six years. It creates funds using the excess deferred taxes to provide grants to eligible farmers within cities and counties. These grants aim to support the growth and sustainability of the state's agricultural, horticultural, and forestry-related economies. The bill also mandates that cities obtain approval from county commissioners before annexing agricultural, forest, or horticultural land that could increase school enrollment beyond the county's capacity.