Property Tax Relief/Exemptions

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TAX RELIEF LEGISLATION FOR 2019
 
APPLIES TO PRIMARY RESIDENCE ONLY

 
  1. Elderly and Disabled Exclusion: Icon for PDF Documents          
    1. Income level $30,200 or below
    2. Must be 65 years of age or totally and permanently disabled before January 1st
    3. Reduction of $25,000 or 50% of value of the home and 1 acre of land whichever is greater  
  2. Veterans Exclusion:Icon for PDF Documents
    1. Honorably Discharged Veterans and
    2. 100% disabled due to a service related injury
    3. Reduction of $45,000 off the value of the home and 1 acre of land  
  3. Circuit Breaker Exclusion:Icon for PDF Documents 
    1. Must be 65 years of age or totally and permanently disabled before January 1st
    2. Must have owned and occupied property as the owner’s permanent legal residence for five years
    3. Must be a North Carolina resident
    4. Income cannot exceed $45,300
    5. Income below $30,200 – taxes limited to 4% of income (requires annual application & income verification)
    6. Income between $30,201 and $45,300 – taxes limited to 5% of income (requires annual application & income verification)
    7. Deferred taxes are a lien on the property
    8. Interest accrues on deferred taxes from the date they were originally due
    9. Disqualifying event triggering rollback in taxes include: 
        1.      death of the owner
        2.      transfer of the property
        3.      owner ceases to use the property as a permanent residence
    10. Rollback taxes are for the last 3 years preceding the current year of deferred taxes plus accrued interest
    11. For multiple owners – all owners must apply and qualify (estate by entirety does not count as multiple owners)
    12. A new application is required each year.

 Remember: Exclusion Applications (click here for copy) must be filed by June 1st.

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