2014 Tax Deferments

Dec. 30, 2013​ -- Learn more about programs that offer property tax relief for homeowners in North Carolina. The Cabarrus County qualifications are as follows: 

Homestead Exclusion for Elderly & Disabled (NCGS 105-277.01)

Application Deadline - June 1

Qualifying owners benefit by having the greater of $25,000 or 50% of the value of their permanent residence excluded from taxation. To qualify, the property owner must meet the following requirements on January 1 of the year he/she applies:
  1. Is at least 65 years of age or 100 % totally and permanently disabled.
  2. Has an income for the prior year of not more than the statutory limit. For 2014 applications based on 2013 income, that limit is $28,600.
  3. Is a Cabarrus County resident.
  4. The home for which application is made must be applicant's permanent residence.
Income is defined as all other moneys received from every source, other than gifts or inheritances received from a spouse, lineal ancestor, or lineal descendant. For married applicants residing with their spouses, the income of both spouses must be included, whether or not the property is in both names. The application period is January 1 to June 1. To obtain an application, contact the Land Records Department at 704-920-2127 or follow the link to print a copy.

 

Homestead Circuit Breaker Deferment (NCGS 105-277B)

Application Deadline - June 1

This program defers some property tax on the permanent residence by limiting current year property taxes to either 4% or 5% of income (depending on current year income level). To qualify, the property owner must meet the following requirements as of January 1 of the year he/she applies:
  1. Is at least 65 years old or 100 % permanently and totally disabled.
  2. Has household income for 2014 of not more than $28,600 for 4% limit or $42,900 for 5% limit.
  3. Is a Cabarrus County resident.
  4. The home for which application is made must be applicant's permanent residence.
The current year plus the most recent three years of deferred taxes become a lien on the residence and become due with interest upon one of the following disqualifying events: 1) the owner transfers the residence; 2) the owner dies; or 3) the owner ceases to use the property as a permanent residence. Once a deferred tax bill is no longer the current year bill or one of the most recent three years tax bills, the bill is released and not payable by the taxpayer. Multiple owners of a permanent residence must all qualify for the circuit breaker before a deferment of taxes will be allowed to any owner.
 
Income is defined as all other moneys received from every source, other than gifts or inheritances received from a spouse, lineal ancestor, or lineal descendant. For married applicants residing with their spouses, the income of both spouses must be included, whether or not the property is in both names. The application period is January 1 to June 1. To obtain an application, contact the Land Records Department at 704-920-2127 or follow the link to print a copy.
 

Disabled Veteran Exclusion (NCGS 105-277.1C)

Application Deadline - June 1

This program excludes the first $45,000 of value from property taxes on the permanent residence. To qualify, the property owner must meet the following requirements as of January 1st of the year he/she applies:
  1. Have a permanent and 100% total disability that is service connected or receive benefits under 38 U.S. C. 2101 (specially adapted housing). Note: This benefit is also available to the unmarried surviving spouse of a disabled veteran.
  2. Is a Cabarrus County resident.
  3. The home for which application is made must be applicant's permanent residence.
The application period is January 1 to June 1. To obtain an application, contact the Land Records Department at 704-920-2127 or follow the link to print a copy.
 

Additional Information

What if I qualify for more than one Program?
 
An owner who qualifies for both the Elderly/Disabled Exclusion and the Homestead Circuit Breaker may elect to take only one of these forms of property tax relief.
 
What if I already receive this benefit?
 
The Homestead Circuit Breaker must be applied for each year. If you continue to qualify for the Elderly/Disabled Exclusion or the Disabled Veterans Exclusion, simply verify all the information on the front of your Property Listing Form and sign, date and return the form by January 31. If you changed permanent residences within the county during the year, you need to file a new application and notify us that your previous residence no longer qualifies. If you no longer qualify due to income, ownership or occupancy, you must notify the County Assessor's Office by completing Section B on your Property Listing Form and sign, date and return it by January 31.