Property tax relief is available for NC seniors. Find out here if you’re eligible.
Property taxes in North Carolina aren’t due until September, but the deadline for seniors to apply for certain tax breaks is quickly approaching.
If you’re over the age of 65, you may qualify for a low-income homestead exclusion and the Circuit Breaker Tax Deferment Program, which could significantly reduce the amount of taxes you pay this year. Disabled veterans are also eligible for a sizable property tax break.
Applications for tax exclusions are due on June 1. Here’s how much you can expect to save this year, and how to know whether you qualify for tax breaks.
What is the current property tax rate in Mecklenburg County?
The property tax rate in Mecklenburg County is 0.6169%. Municipalities in Mecklenburg County, including Charlotte, Cornelius, Davidson, Huntersville, Matthews, Mint Hill, Pineville and Stallings, also collect an additional property tax for residents.
The average property tax rate for cities and towns in Mecklenburg County is 0.2713%, meaning property owners can expect to pay around $890 for every $100,000 in value in county and city taxes.
Who qualifies for the low-income homestead exclusion?
If you qualify for the low-income homestead exclusion, $25,000 or 50% (whichever is greater) will be subtracted from the taxable value of your property.
Those eligible for the exclusion must meet the following requirements.
▪ The residence must be your primary residence.
▪ You must be a North Carolina resident.
▪ You must be at least 65 years of age or permanently disabled.
▪ If you’re claiming disability, you must provide proof of the disability from a North Carolina physician.
▪ You must have a household income of less than $31,900.
Who qualifies for the Circuit Breaker Tax Deferment Program?
If your income is less than $47,250, you may also qualify for a property tax deferral via the Circuit Breaker Tax Deferment Program. This does not reduce property taxes, but instead defers payment of taxes owed until a later time, typically when your home is sold or the property is no longer the your primary residence.
You can visit the assessor’s office or call 980-314-4226 if you have questions.
Are there any other property tax breaks for seniors?
The state excludes property taxes for the first $45,000 of assessed value for certain properties for disabled veterans and their spouses. There are no age or income requirements for this exclusion.
To qualify for the Disabled Veterans Homestead Exclusion, you must:
▪ Be an honorably discharged veteran who has a 100% total and permanent disability that is service-connected, or be the unmarried surviving spouse of a qualifying veteran.
▪ Be certified by the U.S. Department of Veterans Affairs of the permanent total disability that is service connected.
▪ Be a qualifying veteran with specially adapted housing.
