North Carolina General Statute §105-277.1(b) "Property Tax Homestead Circuit Breaker Deferment" allows residents to defer a portion of the property taxes on the appraised value of a permanent residence owned and occupied by a North Carolina resident.
Requirements Property must be owned & occupied at least 5 years by a North Carolina Resident who is at least 65 years of age or totally & permanently disabled. If the owner's income is $31,000 or less, then the portion of property taxes imposed on the residence that exceeds 4% of the owner's income may be deferred. If the owner's income is more than $31,000 but less than or equal to $46,500, then the portion of the property taxes on the residence that exceeds 5% percent of the owner's income may be deferred. Multiple owners of a permanent residence must all qualify for the circuit breaker before a deferment of taxes will be allowed.
Program Details The deferred taxes become a lien on the residence and the most recent three years of deferred taxes preceding a disqualifying event become due with interest upon one of the following disqualifying events: the owner transfers the residence; the owner dies; the owner ceases to use the property as a permanent residence. You must apply for the opportunity to defer property taxes each and every year that you wish to defer taxes. Applications must be made prior to June 1 of the year for which exemption is desired.