North Carolina excludes from property taxes the greater of twenty-five thousand dollars ($25,000) or fifty percent (50%) of the appraised value of a permanent residence owned and occupied by a qualifying owner. A qualifying owner is an owner who meets all of the following requirements as of January 1 preceding the taxable year for which the benefit is claimed:
Is at least 65 years of age or totally and permanently disabled.
Has an income (including Social Security income) for the preceding calendar year of not more than thirty one thousand dollars ($31,500).
Owns the home where they reside.
Income is defined as all moneys received from every source other than gifts or inheritances received from a spouse, lineal ancestor, or lineal descendant. For married applicants residing with their spouses, the income of both spouses must be included, whether or not the property is in both names.
PLEASE NOTE THAT DOCUMENTATION THAT VERIFIES ALL INCOME IS REQUIRED. BANK STATEMENTS ARE NOT ACCEPTABLE PROOF OF INCOME.
APPLICATION PERIOD FOR THIS PROGRAM IS JANUARY 1ST- JUNE 1ST EACH YEAR