North Carolina S159 provides property tax relief for elderly residents by allowing them to defer taxes on property appreciation.

North Carolina S159 introduces the Elderly Property Tax Appreciation Exclusion, offering property tax relief to residents aged 65 and older. To qualify, the owner must have owned and occupied the property for at least five consecutive years, and the property must be their permanent residence. The owner can defer taxes on any increase in the property's appraised value over its qualifying value. This exclusion remains in effect until a disqualifying event occurs, such as the owner transferring the property or ceasing to use it as a permanent residence.

North Carolina S159 provides property tax relief for elderly residents by allowing them to defer taxes on property appreciation.

North Carolina S159 introduces the Elderly Property Tax Appreciation Exclusion, offering property tax relief to residents aged 65 and older. To qualify, the owner must have owned and occupied the property for at least five consecutive years, and the property must be their permanent residence. The owner can defer taxes on any increase in the property's appraised value over its qualifying value. This exclusion remains in effect until a disqualifying event occurs, such as the owner transferring the property or ceasing to use it as a permanent residence.