Bill > H1076

This bill amends the existing law to provide a property tax homestead exclusion of the entire appraised value of a permanent residence owned and occupied by a qualifying disabled veteran or their surviving spouse, rather than the previous exclusion of the first $45,000 of appraised value. It also establishes a reimbursement process for counties and cities to be compensated for the lost tax revenue from this exclusion, to be funded from collections received under Part 2 of Article 4 of the North Carolina tax code. The bill is effective for taxes imposed for taxable years beginning on or after July 1, 2022.