Agricultural Present-Use Value Conservation.

HB 647 expands North Carolina’s agricultural tax program to include land owned by qualified conservation organizations. It allows conservation holders (nonprofits dedicated to preserving farmland/forestland) to have land taxed at its current agricultural or forest use value, rather than its full market value, when they acquire it. To qualify, land must be appraised at present-use value upon transfer to the conservation holder, and the holder must continue using it for conservation purposes while assuming tax liability for any deferred taxes. This bill directly affects conservation groups and landowners transferring property to them, aiming to support long-term land preservation through tax incentives. The law takes effect for taxes due in 2026.