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someone was telling me that if a person over 65 bought a house here in NC that their property (city and state) taxes are 1/2 of what they normally would be. Is this true? For every county of NC?
someone was telling me that if a person over 65 bought a house here in NC that their property (city and state) taxes are 1/2 of what they normally would be. Is this true? For every county of NC?
Not quite true as there are income limits, and the maximum assesment reduction is $25K. The household income must be less than $28,600. Here's the text from the Onslow County web site:
Elderly or Disabled Exclusion
· Age 65 or older or Total and Permanent Disability
· Income must be $28,600 or less
· Must be a NC resident
· One time application required
· Deadline to submit application is June 1st
· Assessment reduction of $25,000 or 50% of the appraised value, whichever is greater
someone was telling me that if a person over 65 bought a house here in NC that their property (city and state) taxes are 1/2 of what they normally would be. Is this true? For every county of NC?
It is statewide. The replies are correct. You have to be poor (relatively).
The idea is that it is cheaper to give them a tax break to allow them to stay in their home rather than have to put them in public housing or a rest home, both of which costs the tax payers a lot more.
Problem is there are a lot of rural counties and towns with primarily older folks that meet the criteria. You may have 30% of the population qualify in one county, but in a more urban county only 5% qualify. So the urban county gets paid 95% of their tax base and the rural one only gets paid 70%.
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