Enacts the Farmers’ Assistance Grant Program (Program), administered by both counties (new GS 153A-466) and cities (new GS 160A-499.11), as follows. Requires county and city governing boards or councils to create a fund consisting of the deferred taxes in GS 105-277.4, in accordance with the requirements of the Local Government Budget and Fiscal Control Act, as amended, to provide grants to eligible farmers located within the local government’s borders to support the continued vitality of the State's unique and historic agricultural, horticultural, and forestry-related economies. Provides for an application created by the Department of Revenue (DOR). Requires governing boards or councils to create guidelines, as described, to administer the fund. Limits grant awards to an eligible farmer per year to the lesser of either $10,000 or 10% of the then available funds. Defines agricultural land, Board or Council, eligible farmer, fund, forestland, and horticultural land. 

Requires DOR to create and provide counties and local government with copies of the Program application, as described, by no later than December 1, 2025.

Effective upon the earlier of (1) the date the act becomes law or (2) October 1, 2025.

Increases the years of deferred taxation for agricultural lands that are due and payable when a property loses its eligibility for deferral as a result of a disqualifying from three fiscal years to six fiscal years under GS 105-277.4 Makes conforming changes to account for use of deferred taxes due and payable for each year after the most recent preceding three fiscal years, and ending with the most recent preceding sixth fiscal year for the provision of Program funds. Effective for taxes imposed for taxable years beginning on or after July 1, 2026. Instructs that properties already having three or more years of deferred taxes as of the date the act becomes law must phase in to the first year of the extended carryforward (year four of six), beginning July 1, 2026.

Adds a pre-hearing requirement to GS 160A-58.2 (public hearings held pursuant to a petition for municipal annexation) as follows.  Requires the city council to direct planning department to determine whether zoning the area for residential use will increase the number of students attending public school in the county in which the area is located to more than 100% of the county's current capacity if the area meets all of the following: (1) is agricultural land, forestland, or horticultural land; (2) is not contiguous to the city's primary corporate limits; and (3) is not within the city's extraterritorial planning jurisdiction.  If that is the case, then requires county approval before the city may annex the area. If the county with jurisdiction over the area does not approve the annexation, then city cannot proceed with the annexation unless it is willing to pay the county the amount necessary to come back into compliance with school capacity. Applies to petitions for annexation received on or after July 1, 2025.