North Carolina S349 modifies property tax rules for the elderly or disabled and eliminates deferred tax liability for the property tax homestead.

North Carolina S349 modifies the income eligibility limit for the elderly or disabled property tax homestead exclusion. It raises the individual income eligibility limit and adjusts the joint income eligibility limit. The bill also eliminates deferred tax liability under the property tax homestead circuit breaker, meaning that deferred taxes will no longer accrue as a lien on the property. Additionally, it prohibits the disclosure of taxpayer income or receipts information in local tax records and ensures that certain agreements cannot prohibit tax deferral on property.

North Carolina S349 modifies property tax rules for the elderly or disabled and eliminates deferred tax liability for the property tax homestead.

North Carolina S349 modifies the income eligibility limit for the elderly or disabled property tax homestead exclusion. It raises the individual income eligibility limit and adjusts the joint income eligibility limit. The bill also eliminates deferred tax liability under the property tax homestead circuit breaker, meaning that deferred taxes will no longer accrue as a lien on the property. Additionally, it prohibits the disclosure of taxpayer income or receipts information in local tax records and ensures that certain agreements cannot prohibit tax deferral on property.