North Carolina S798 provides additional property tax relief to residents aged 65 and older.
North Carolina S798 amends the General Statutes to introduce an elderly property tax appreciation exclusion. This exclusion allows qualifying owners, who are at least 65 years old, to defer taxes on any increase in the appraised value of their permanent residence over a qualifying value. The exclusion applies to residences owned and occupied by the qualifying owner for at least five consecutive years. The deferred taxes become due and payable if the property loses its eligibility due to a disqualifying event.
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- Legal Framework
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