Bill > S343

This bill creates a new property tax relief program called the Secure Home and Future Property Tax Relief for long-term homeowners in North Carolina. The program allows qualifying homeowners who have owned and occupied their permanent residence for 15 consecutive years to limit their property tax increases to a maximum of 2% per year. To be eligible, the owner must be a North Carolina resident and cannot receive other property tax relief benefits. The tax limitation applies to the principal amount of property tax, with special provisions for property value increases due to physical improvements. Homeowners can maintain the benefit during temporary absences and can transfer the benefit to a co-owner or spouse under certain conditions. Deferred taxes will be tracked and become payable if the property loses eligibility, such as through a transfer of ownership or the owner ceasing to use the property as a permanent residence. The bill requires the North Carolina Department of Revenue to create educational materials, conduct community workshops, and submit annual reports to the Revenue Laws Study Committee about the program's effectiveness. The tax relief program will become effective for taxes imposed on or after July 1, 2026, and will be subject to periodic review to ensure it meets its intended purpose of providing tax relief to long-term homeowners.

https://www.ncleg.gov/BillLookUp/2025/S343