The NC Circuit Breaker Property Tax Deferment program limits yearly property taxes to a percentage of a qualifying homeowner’s income. So who qualifies? Well, under the NC Circuit Breaker Property Tax Deferment, North Carolina homeowners older than 65 years of age or totally and permanently disabled qualify as long as their income meets the eligibility limits.
So, it’s a two tiered program. See, for the 2018 tax year, if the qualifying North Carolina homeowner made less than $29,600 last year, a limit on their property taxes could be set to four percent of their income. Then, if the qualifying homeowner exceeds that, but doesn’t exceed 150% of the income eligibility limit (which is $44,400 this year) the owner’s taxes could be limited to five percent of the homeowner’s income.
But the deadline is fast approaching, so don’t delay! Look into it today! You must actually apply each year to get this property tax relief. Find more details about the application for property tax relief on our recent blog post.
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