Homeowners who are elderly or disabled can apply for certain property tax exclusions beginning January 1. Those who already receive one of these tax exclusions and wish to continue must verify information on the front of the property listing form and return the signed and dated form to the County Assessor’s Office by January 31.
Cabarrus County offers three tax exclusions based on age or disability:
- The Homestead Exclusion excludes from taxation the greater of $25,000 or 50 percent of the value of a permanent residence for homeowners who are at least 65 years of age or totally and permanently disabled, and whose income does not exceed $27,100.
- The Homestead Circuit Breaker Deferment defers some property tax on the permanent residence by limiting current year property taxes to 4 percent or 5 percent of income for homeowners who are at least 65 years of age or totally and permanently disabled. To qualify the household income for 2011 must not exceed $27,100 for the 4 percent limit or $40,650 for the 5 percent limit. The current year plus the most recent three years of deferred taxes become a lien on the residence and become due with interest when the owner transfers the residence, or the owner dies or the owner no longer uses the property as a permanent residence.
- The Disabled Veteran Exclusion excludes the first $45,000 of value from property taxes on the permanent residence for veterans that have a permanent and total disability that is service connected or who receive benefits under 38 U.S.C. 2101. This benefit also is available to an unmarried surviving spouse of a disabled veteran.
To qualify for any of these tax exclusions, the property owner must be a Cabarrus County resident and the home for which application is made must be the applicant’s permanent residence. If others live in the home, only the applicant must meet the requirements for property tax exclusion.
The application period for these exclusions is January 1 through June 1. Approved tax exclusions will be seen on Cabarrus County tax bills mailed in August.