Variations in Receipt of Benefit
No Variation in Receipt of Benefits
Qualifying owners shall receive an exemption from assessed value equal to the greater of the first $25,000 or 50% of the appraised value of the residence.
How is Benefit Disbursed
Exemption from assessed value
Eligible Property Type
Characteristics of Eligible Property
Only residential property is eligible for the relief. Up to one acre of land on which the residence is located is also eligible for the exclusion. Residential property can include a single family residence, an unit in a multi-dwelling complex, or a manufactured home.
Description of Eligibility Criteria
The applicant must be at least 65 years old or be totally and permanently disabled. They must not exceed an income threshold set forth below. Additionally, they must be a North Carolina resident. For 2019, an applicant's 2018 income cannot exceed $30,200. The limit was adjusted annually by the percentage of any cost-of-living adjustment made to Social Security. Income is defined as all money received from every source including Social Security benefits, retirement payments, proceeds from insurance policies, interest, dividends, etc. A person is totally and permanently disabled if they have a medical impairment that prevents them from obtaining gainful employment. It also must appear reasonably certain that the disability will continue without substantial improvement. Application deadline is 1 June annually.
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.
Property Tax Forms, North Carolina Department of Revenue, (2019)
[https://www.ncdor.gov/documents/av-9-2019-application-property-tax-relief Accessed 08/10/2020]
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