Registered Watercraft Listing Form 2011 - Henderson County Tax Department (Page 2 of 2) in pdf

INFORMATION CONCERNING PROPERTY TAX HOMESTEAD EXCLUSION FOR

ELDERLY OR DISABLED AND CIRCUIT BREAKER DEFERMENT

G.S. 105-277.1 Property Tax Homestead Exclusion for Elderly or Disabled Persons:

North Carolina excludes from property taxes a portion of the appraised value of a permanent

residence owned and occupied by North Carolina residents who are at least 65 years of age or are

totally and permanently disabled, and whose income does not exceed $27,100. The amount of the

appraised value of the residence that may be excluded from taxation is the greater of twenty-five

thousand dollars ($25,000) or fifty percent (50%) of the appraised value of the residence. Income

means all moneys received from every source other than gifts or inheritances received from a spouse,

lineal ancestor, or lineal descendant.

If you received this exclusion in 2010, you do not need to apply again unless you have changed your

permanent residence. If you received the exclusion in 2010 but the property no longer qualifies for

any reason, please notify the assessor. Failure to notify the assessor that the property no longer

qualifies for the exclusion may cause the property to be subject to discovery with penalties and

interest pursuant to G.S. 105-312.

If you did not receive the exclusion in 2010, but are now eligible, you may obtain an application from

the county assessor’s office. It must be filed with the county assessor by June 1.

G.S. 105-277.1B Property Tax Homestead Circuit Breaker Deferment:

North Carolina defers a portion of the property taxes on the appraised value of a permanent residence

owned and occupied by a North Carolina resident who has owned and occupied the property at least

five years, is at least 65 years of age or is totally and permanently disabled, and whose income does

not exceed $27,100. If the owner’s income is $27,100 or less, then the portion of property taxes

imposed on the residence that exceeds 4% of the owner’s income may be deferred. If the owner’s

income is more than $27,100 but less than or equal to $40,650, then the portion of the property taxes

on the residence that exceeds 5% of the owner’s income may be deferred.

The deferred taxes become a lien on the residence and the most recent three years of deferred taxes

preceding a disqualifying event 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. Multiple owners of a permanent residence must all qualify for the

circuit breaker before a deferment of taxes will be allowed.

You must apply for the opportunity to defer property taxes each and every year that you wish to defer

taxes. The application may be obtained from the county assessor’s office and it must be filed with

the county assessor by June 1.

NOTE: An owner who qualifies for both the property tax homestead exclusion and the property tax

homestead circuit breaker may elect to take only one of these forms of property tax relief.

Henderson County Tax Department

200 N. Grove Street, Suite 102

Hendersonville, NC 28792

828 – 697 - 4870

Registered Watercraft Listing Form 2011 - Henderson County Tax Department Page 2