Bill > H432

This bill directs the Revenue Laws Study Committee to conduct a comprehensive examination of property tax relief programs for low-income, elderly, disabled citizens, and disabled veterans in North Carolina. The study will evaluate existing tax relief programs, including homestead exclusions and circuit breaker provisions, and explore potential enhancements such as increasing exclusion amounts, adjusting income thresholds, modifying deferred tax obligations, and considering broader property tax relief mechanisms like limiting year-to-year property tax increases. The committee will also investigate the constitutional uniformity requirement, assess potential impacts on local government revenues, and consider whether the state should provide reimbursement or additional revenue-generating authority to local governments. Additionally, the committee will review property tax relief programs in other states and consult with relevant entities. The goal is to develop legislative recommendations to reduce property tax burdens while maintaining fiscal balance, with a required report to be submitted to the 2026 Regular Session of the General Assembly, providing a comprehensive analysis of potential property tax reforms.

Budget and Finance, Government Affairs

https://www.ncleg.gov/BillLookUp/2025/H432