Bill > S230

This bill increases the income eligibility limit for the elderly or disabled property tax homestead exclusion in North Carolina from $25,000 to $48,000, starting in the 2025 tax year. Currently, this tax exclusion allows qualifying elderly or disabled homeowners to reduce their property tax burden based on their income level. The bill also establishes a mechanism for future annual adjustments to the income limit, which will be calculated based on the cost-of-living adjustments made to Social Security benefits, with the amount rounded to the nearest $100. The Department of Revenue will be responsible for calculating and announcing the updated income eligibility amount each year by July 1, and will notify county assessors of the new limit. The changes will take effect for taxes imposed in taxable years beginning on or after July 1, 2025, providing potential tax relief for a broader range of elderly and disabled homeowners in the state.

https://www.ncleg.gov/BillLookUp/2025/S230