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Old 07-09-2006, 11:07 PM
 
1,126 posts, read 3,855,162 times
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I noticed the SC doesn't tax the first $50,000 on property tax if your 65yr or older -or- disabled (any age) per state or federal. Making it a state to retire in. Does NC do this also?
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Old 07-10-2006, 12:48 AM
 
Location: Blue Ridge Mtns of NC
5,660 posts, read 27,002,563 times
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Quote:
Originally Posted by TornadoAlley
I noticed the SC doesn't tax the first $50,000 on property tax if your 65yr or older -or- disabled (any age) per state or federal. Making it a state to retire in. Does NC do this also?
All property, real and personal, is subject to taxation and is assessed based on 100% of appraised value. Taxes are collected by cities and counties. Under the homestead exemption, homeowners 65 and older whose disposable household income is $19,200 or less, $20,000 or 50% (which ever is greater) of the appraised value of the property is exempt from taxes.

http://www.dornc.com/practitioner/property/exemptions.html (broken link)

Last edited by mm34b; 07-10-2006 at 12:50 AM..
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Old 07-10-2006, 01:55 AM
 
1,126 posts, read 3,855,162 times
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Quote:
Originally Posted by mm34b
All property, real and personal, is subject to taxation and is assessed based on 100% of appraised value. Taxes are collected by cities and counties. Under the homestead exemption, homeowners 65 and older whose disposable household income is $19,200 or less, $20,000 or 50% (which ever is greater) of the appraised value of the property is exempt from taxes.

http://www.dornc.com/practitioner/property/exemptions.html (broken link)

On a house, the appraised value is done when you purchase like our state or is it done yearly?
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Old 07-10-2006, 05:18 AM
 
Location: Blue Ridge Mtns of NC
5,660 posts, read 27,002,563 times
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Quote:
Originally Posted by TornadoAlley
On a house, the appraised value is done when you purchase like our state or is it done yearly?
I believe the county does a value readjustment every few years.
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Old 07-10-2006, 11:30 AM
 
1,126 posts, read 3,855,162 times
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Quote:
Originally Posted by mm34b
I believe the county does a value readjustment every few years.

Well that's a bummer. Can you imagine S.S paying for a million dollar house? They aren't wanting people to retire there yet? Or am I missing something?
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Old 07-10-2006, 11:35 AM
 
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I think if you go to each county's website, they tell you how they assess, which is on market value and I believe they just lowered the assessments in one of the counties (sorry I do not recall which) from every 8 years to every 4 years. Forget about tax increases, but when a house is reassessed, and assuming the value goes up, this too will cause an increase in the taxes...I believe they lowered the years because people were taking huge hits given the appreciation of the market...as for age, etc...most taxing areas, due give some discount for seniors but it varies..
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Old 07-10-2006, 11:47 AM
 
Location: Blue Ridge Mtns of NC
5,660 posts, read 27,002,563 times
Reputation: 3858
Quote:
Originally Posted by TornadoAlley
Well that's a bummer. Can you imagine S.S paying for a million dollar house? They aren't wanting people to retire there yet? Or am I missing something?
Well, NC has 100 counties to choose from. The property tax rate is all over the board with that many counties. If working or retirement income is an issue, you'd probably wouldn't want to consider living in those counties with a high tax burden anyway.

County Property Tax Rates - June 2006

Excel Spreadsheet Format

http://www.dor.state.nc.us/publicati...ates_Final.xls

Last edited by mm34b; 07-10-2006 at 12:10 PM..
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