Bill > S821

This bill amends the North Carolina law on the disabled veteran property tax homestead exclusion. It removes the $45,000 cap on the appraised value of the residence that is excluded from taxation for qualifying disabled veterans. The bill also adds provisions for the state to reimburse counties and cities for the "hold harmless amount" - the appraised value of the excluded properties multiplied by the local tax rate. This reimbursement is intended to offset the loss in tax revenue for local governments due to the expanded exclusion. The bill is effective for taxes imposed starting in the 2022 taxable year.