Increases the income eligibility limit for the elderly or disabled property tax homestead exclusion.

The bill revises the income eligibility limit for the elderly or disabled property tax homestead exclusion in North Carolina. It sets the limit at $48,000 for the taxable year beginning July 1, 2025, and adjusts it annually based on the cost-of-living adjustment for Social Security benefits. The Department of Revenue must determine and notify counties of the updated income eligibility amount each year. This change aims to provide broader tax relief to eligible individuals.

Increases the income eligibility limit for the elderly or disabled property tax homestead exclusion.

The bill revises the income eligibility limit for the elderly or disabled property tax homestead exclusion in North Carolina. It sets the limit at $48,000 for the taxable year beginning July 1, 2025, and adjusts it annually based on the cost-of-living adjustment for Social Security benefits. The Department of Revenue must determine and notify counties of the updated income eligibility amount each year. This change aims to provide broader tax relief to eligible individuals.