Property Tax Relief
INFORMATION CONCERNING PROPERTY TAX EXCLUSION FOR ELDERLY OR DISABLED
North Carolina excludes from property taxes a portion of the appraised value of a permanent residence owned and occupied by North Carolina residents who are at least 65 years of age or are totally and permanently disabled, and whose income does not exceed $31,000. Income means all moneys received from every source other than gifts or inheritances received from a spouse, lineal ancestor, or lineal descendant.
If you received this exclusion last year, you do not need to apply again unless you have changed your permanent residence. If you received the exclusion last year but the property no longer qualifies for any reason, please notify the assessor. Failure to notify the assessor that the property no longer qualifies for the exclusion may cause the property to be subject to discovery with penalties and interest pursuant to G.S. 105-312.
If you did not receive the exclusion last year, but are now eligible, you may obtain an application from the county tax department. It must be filed with the county assessor by June 1.
INFORMATION CONCERNING CIRCUIT BREAKER DEFERMENT
North Carolina defers a portion of the property taxes on the appraised value of a permanent residence owned and occupied by a North Carolina resident who has owned and occupied the property at least five years, is at least 65 years of age or is totally and permanently disabled, and whose income does not exceed $45,300. If the owner’s income is $31,000 or less, then the portion of property taxes imposed on the residence that exceeds 4% of the owner’s income may be deferred. If the owner’s income is more than $31,000 but less than or equal to $45,300, then the portion of the property taxes on the residence that exceeds 5% of the owner’s income may be deferred.
The deferred taxes become a lien on the residence and the most recent three years of deferred taxes preceding a disqualifying event become due with interest upon one of the following disqualifying events: 1) the owner transfers the residence; 2) the owner dies; or 3) the owner ceases to use the property as a permanent residence. Multiple owners of a permanent residence must all qualify for the circuit breaker before a deferment of taxes will be allowed.
You must apply for the opportunity to defer property taxes each and every year that you wish to defer taxes. The application may be obtained from the county tax department and it must be filed with the county assessor by June 1.
Note: An owner who qualifies for both the Elderly & Disabled exclusion and the property tax Circuit Breaker may elect to take only one of these forms of property tax relief.
INFORMATION CONCERNING DISABLED VETERANS EXCLUSION
This program excludes up to the first $45,000 of the appraised value of the permanent residence of an HONORABLY DISCHARGED VETERAN who has a TOTAL AND PERMANENT DISABILITY THAT IS SERVICE CONNECTED or who receives benefits for specially adapted housing under 38 U.S.C. 2101. There is no age or income limitation for this program. This benefit is also available to the unmarried surviving spouse of an HONORABLY DISCHARGED DISABLED VETERAN. See G.S. 105-277.1C for the full text of the statute. The application may be obtained from the county tax department and it must be filed with the county assessor by June 1.
Present Use Value / Farm Use Program:
If you are actively farming your land and receiving income from it, you may qualify for a deferred tax amount. Call or come by our office get an application and a list of criteria that you must meet to qualify for the Present Use Value / Farm Use Program.