Variations in Receipt of Benefit
Benefit Varies with Income
Under the program, taxes are limited to a percentage of income. For those eligible owners with income below the eligible level, taxes in excess of 4% may be deferred. Those with income above eligible level and below 150% ($43,500) of eligible income may defer taxes in excess of 5%.
How is Benefit Disbursed
Eligible Property Type
Characteristics of Eligible Property
Only residential property is eligible for relief.
Description of Eligibility Criteria
Qualifying homeowners must be 65 year of age or older or have a total and permanent disability. Applicants must have income less than 150% of the income eligibility limit. The limit is adjusted annually from the 2008 level of $25,000 by the percentage of any cost-of-living adjustment made to the benefits of Social Security. For 2016, income in 2015 cannot exceed $29,500. Homeowners must own and occupy the homestead as a principal place of residence for at least 5 consecutive years. Applicants must be North Carolina residents.
Local Option in Adoption of Program
Local government is unable to exercise an option
Local Option Regarding Program Features
No local option regarding program features
State Funding for Local Tax Loss
Local government covers all of its tax loss
Description of State Funding for Tax Loss
The Statue is silent regarding whether or not the state reimburses the local governments for any tax loss.