North Carolina Property Tax Relief Who Qualifies

North Carolina Property Tax Relief: Who Qualifies?

Published On: March 3rd, 2018Last Updated: March 3rd, 2018Categories: Hard Money, Tax Foreclosures, TaxesTags: ,

Do you have a loved one in North Carolina struggling with property taxes? Well, some North Carolina homeowners qualify for one of three programs offering property tax relief. You might want to look into this for them.

Low-Income Homestead Exclusion

Qualified low-income homeowners can apply for property tax relief through the State of North Carolina at their Assessor’s Office between January 1 and June 1 each year. Qualifying homeowners receive an exclusion of the taxable value of their residences of either $29,500, or 50 percent (whichever is greater).

Disabled Veterans Homestead Exclusion

Honorably discharged veteran homeowners, certified by the U.S Department of Veterans Affairs or another federal agency as having a service-related permanent and 100 total disability also qualify for property tax relief. Plus, surviving, unmarried spouses of these veterans also qualify. The State of North Carolina excludes the first $45,000 of assessed value from property taxes in this situation. There is absolutely no age or income requirement for this tax relief.

Property Tax Deferral for Disabled or Elderly Homeowners

If disabled or elderly residents in the state have income that doesn’t exceed 150 percent of the income eligibility limit for Homestead Exclusion, this tax deferral is another option. They must apply and elect to defer the portion of their taxes every year. It doesn’t actually reduce the taxes owed, but it does postpone to due date. Some choose to postpone the due date until they sell their home down the line. Not every disabled or elderly homeowner will qualify though.


Are You Looking for a Hard Money Loan to Flip a House?

Paces Funding is a Hard Money lender offering hard money loans to purchase and renovate non-owner occupied residential and commercial properties throughout the Atlanta, Nashville, Florida, North and South Carolina metropolitan areas.

Call us at 404-814-1644 or contact us online to find out whether you might qualify for this type of funding. In the meantime, check to ensure that you meet our loan criteria. Our loan amounts can be up to 65 percent of the after-repaired value of the collateral—and if you use the loan for renovation or construction, the loan amount can be based on the collateral’s improved value.