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TAX RELIEF LEGISLATION FOR 2024
(APPLIES TO PRIMARY RESIDENCE ONLY)
- Elderly and Disabled Exclusion:
- Income level $36,700 or below
- Must be 65 years of age or totally and permanently disabled before January 1st
- Reduction of $25,000 or 50% of value of the home and 1 acre of land whichever is greater
- Veterans Exclusion:
- Honorably Discharged Veterans and
- 100% disabled due to a service related injury
- Reduction of $45,000 off the value of the home and 1 acre of land
- Circuit Breaker Exclusion:
- Must be 65 years of age or totally and permanently disabled before January 1st
- Must have owned and occupied property as the owner’s permanent legal residence for five years
- Must be a North Carolina resident
- Income cannot exceed $55,050
- Income below $36,700 – taxes limited to 4% of income (requires annual application & income verification)
- Income between $36,701 and $55,050 – taxes limited to 5% of income (requires annual application & income verification)
- Deferred taxes are a lien on the property
- Interest accrues on deferred taxes from the date they were originally due
- 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 - Rollback taxes are for the last 3 years preceding the current year of deferred taxes plus accrued interest
- For multiple owners – all owners must apply and qualify (estate by entirety does not count as multiple owners)
- A new application is required each year.
Remember: Exclusion Applications (click here for copy) must be filed by June 1st.