North Carolina H1092 proposes property tax exemptions for affordable rental housing and modifies the property tax homestead circuit breaker.

North Carolina H1092 amends the state constitution to allow property tax exemptions based on area median income. It modifies the property tax homestead circuit breaker by adjusting income eligibility limits and tax deferrals. The bill also updates the exemption for nonprofit low- or moderate-income housing property, requiring reapplication by December 31, 2026. Additionally, it provides grant funding to the North Carolina Association of County Commissioners to support more frequent property reappraisals. The constitutional amendment requires voter approval in the November 3, 2026, election.

North Carolina H1092 proposes property tax exemptions for affordable rental housing and modifies the property tax homestead circuit breaker.

North Carolina H1092 amends the state constitution to allow property tax exemptions based on area median income. It modifies the property tax homestead circuit breaker by adjusting income eligibility limits and tax deferrals. The bill also updates the exemption for nonprofit low- or moderate-income housing property, requiring reapplication by December 31, 2026. Additionally, it provides grant funding to the North Carolina Association of County Commissioners to support more frequent property reappraisals. The constitutional amendment requires voter approval in the November 3, 2026, election.