Each year, disabled North Carolina citizens and residents over the age of 65 can apply for a property tax relief through their local county tax office. Though the deadline is June 1st of each year, applications submitted after this date may be considered until December 31st. The three programs that provide tax relief include the Elderly and Disabled Exclusion, the Circuit Breaker Tax Deferment Program, and the Disable Veteran Exclusion.
The Elderly and Disabled Exclusion , under the NC General Statute 105-277.1, allows those who are eligible to receive a $25,000 tax relief or a 50% relief of the assessed value of the residence. The greater value will always be applied to the tax relief. Mobile homes are also covered if they serve as permanent residencies.
The Circuit Breaker Program is a tax deferment option that limits the possible tax amount to a percentage of the applicant’s income under the NC General Statute 105-2771B. Last year, Homestead Exclusion applicants were limited to an annual income no greater than $25,600 per year. This limit has been increased this year to an income of $27,100 per year. For applicants whose income does not exceed $27,100, the taxes for the year will be limited to 4 percent of the total income. The Circuit Breaker Program prevents residents with an income up to 150 percent greater than this limit, or $40,650, from having taxes greater than 5 percent of their income.
North Carolina residents who are eligible for the Disabled Veteran Exclusion must be disabled veterans or their surviving spouses and unmarried. Under the NC General Statute 105-2771C, the first $45,000 of the permanent residence will be excluded from tax. This exclusion has no age of income restrictions. For more information about the tax relief, NC residents can contact their county tax Assessor’s office.
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