North Carolina excludes from property taxes the greater of $25,000 or 50% percent of the appraised value of a permanent residence owned and occupied by a qualifying owner.
Requirements Claimant must be a North Carolina resident, Be at least 65 years of age, or totally & permanently disabled–verified by a physician's statement, And have a combined income of both spouses for the preceding year not to exceed $31,900. Program Details Once in the program, an annual application is not required to stay in the program. Buncombe County does audit accounts receiving tax relief periodically. You will be notified by our office when we review your account. Applications must be made prior to June 1 of the year for which exemption is desired. NOTE: An owner who qualifies for both the property tax homestead exclusion and the property tax homestead circuit breaker may elect to take only one of these forms of property tax relief.
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 $31,900 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 $31,900 but less than or equal to $47,850, 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. NOTE: An owner who qualifies for both the property tax homestead exclusion and the property tax homestead circuit breaker may elect to take only one of these forms of property tax relief.
How to Apply Download and complete the Senior Citizen/Disability Exclusion Application. The Exclusion Application must be supported by Form NCDVA-9 from the North Carolina Division of Veterans Affairs—this form certifies that the veteran's permanent and total disability is service-connected. If you need assistance in completing the form, call the North Carolina Division of Veterans Affairs at (828) 250-5726. Once in the program, an annual application is not required to stay in the program. Buncombe County does audit accounts receiving tax relief periodically. You will be notified by our office when we review your account.