-Information from the Vance County Tax Administration Office

The state of North Carolina offers several tax relief options to qualified homeowners that may reduce their total tax bill.

The programs are for people who live in the home they own, and the tax relief includes the dwelling, the dwelling site (up to one acre) and related improvements, according to information on the Vance County web page.

• Program for the elderly or disabled – NC GS 105-277.1

Under this program, the first $25,000 or 50 percent (whichever is greater) of assessed value for the permanent residence is excluded from taxation.  “Exclusion means some of the value will not be considered when your tax bill is created.  If you do not qualify for the program in future years, the excluded value from prior years does not become taxable.  You must be either 65 years of age or older or be totally and permanently disabled.  In addition, your 2023 income cannot exceed $36,700,” according to information on the county’s Tax Administration Office website.

• Circuit Breaker Tax Deferment Program – NC GS 105-277.1B

This program limits the amount of annual property taxes the owner pays on their permanent residence.  Taxes above the limitation amount are deferred, which means delayed until a future date.  The last three years of deferred taxes become payable with interest if a disqualifying event occurs.

Examples of disqualifying events include: The death of the owner or transfer of the property where the owner’s share is not passed to another qualifying owner; and failure to use the property as the owner’s permanent residence.  You must be either 65 years of age or older or be totally and permanently disabled.  Additionally, if your income is $36,700 or less, your taxes will be limited to 4 percent of your income.  If your income exceeds $36,700 but does not exceed $55,050 your taxes will be limited to 5 percent of your income.  Participants in this program must complete an application each year.

• Disabled Veteran Exclusion – NC GS 105-277.1C

This program excludes up to the first $45,000 of the appraised value of the permanent residence of a disabled veteran or the unmarried surviving spouse of a disabled veteran.  The program defines a disabled veteran as “a veteran whose character of service at separation was honorable or under honorable conditions, and who has a total and permanent service-connected disability or who received benefits for specially adapted housing under 38 U.S.C. 2101.”  There is no age or income requirement for this program, but part of the application must be completed by the Department of Veterans Affairs.  For more information regarding Veterans services offered in Vance County, click here.

Visit www.vancecounty.org, click on the Departments tab at the top and select Tax Administration Office. “Property Tax Relief Programs” is located on the right side of the tax administration office page.