S257 - 2026 Appropriations Act. (SL 2026-41)
Session Year 2024
Overview: Section 44.10 of S.L. 2026-41 (Senate Bill 257) removes the present-use value (PUV) classification requirement that land in a trust must have been transferred into the trust by an individual that owned the land and created the trust. Effectively, this allows the transfer of land from any source into the trust. The trust is still required to have the appropriate beneficiaries to qualify, and the land in the trust must otherwise meet the PUV requirements (size, ownership, income, and sound management) to qualify for the benefit.
This section further provides that an owner of property that (1) was removed from PUV between January 1, 2026, and July 6, 2026, and (2) now qualifies for the continued use exception under G.S. 105-277.3(b2)(1) because of the change under this section, may apply for reinstatement into the PUV program. If the application is approved, any deferred taxes paid as a result of the revocation must be refunded.
This section is effective retroactive to January 1, 2026, and applies to property that lost its present-use value classification on or after that date.
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