Real and Personal Property Tax Exclusion

Homestead Exclusion for Elderly or Disabled

 

Application Period: January 1 - June 1

Summary: Qualifying owners benefit by having an amount excluded from taxation. This amount is the greater of $25,000 or 50% of the value of their permanent residence. To qualify, the owner must meet the following requirements on January 1 of the year he/she applies: 

  • Is at least 65 years of age or 100% totally and permanently disabled.
  • Has an income for the prior year of not more than the statutory limit.
  • Is a Cabarrus County resident.
  • Home that application is made for must be applicant's permanent residence.

Income is all money received from every source. The only exception is gifts or inheritances received from a:

  • spouse
  • lineal ancestor
  • descendant

For married owners living with their spouses, the income of both spouses must be included. This is the case whether or not the property is in both names.

Homestead Exclusion for Elderly or Disabled(PDF, 86KB)

Disabled Veteran Exclusion

 

Application Period: January 1 - June 1

Summary: Program excludes an amount of property taxes on the permanent residence. This amount is the first $45,000 of value. To qualify, the owner must meet the following requirements as of January 1 of the year he/she applies:

  • Have a 100% permanent and total service connected disability. Another way to qualify is to receive benefits under 38 USC 2101. This statute refers to specially adapted housing. The benefit is also available to unmarried surviving spouses of disabled veterans.
  • Is a Cabarrus County resident.
  • Home that application is made for must be applicant's permanent residence.

Disabled Veteran Exclusion(PDF, 1MB)

Circuit Breaker Deferment

 

Application Period: January 1 - June 1

Summary: Program defers some property tax on the permanent residence. This is done by limiting current year property taxes to either 4% or 5% of income. This percentage depends on current year income level. To qualify, the owner must meet the following requirements as of January 1 of the year he/she applies:

  • Is at least 65 years old or permanently and totally disabled.
  • Has household income for 2022 of not more than $31,901 for 4% limit or $47,850 for 5% limit.
  • Is a Cabarrus County resident for 5 consecutive years as of January 1 of tax year.
  • Home that application is made for must be applicant's permanent residence.

The current year, plus the most recent three years of deferred taxes, become a lien on the residence. This amount becomes due with interest upon one of the following disqualifying events:

  • The owner transfers the residence.
  • The owner dies.
  • The owner ceases to use the property as a permanent residence.

A bill gets released and is no longer payable by the taxpayer once a deferred tax bill is no longer:

  • the current year bill
  • one of the most recent three years tax bills 

Multiple owners of a permanent residence must all qualify for the circuit breaker. Only then will a deferment of taxes will be allowed to any owner.

Income is all money received from every source. The only exception is gifts or inheritances received from a:

  • spouse
  • lineal ancestor
  • descendant

For married owners living with their spouses, the income of both spouses must be included. This is the case whether or not the property is in both names.