Is there a reduction of taxes for elderly or disabled persons?
North Carolina excludes from property taxes the greater of twenty-five thousand dollars ($25,000) or fifty percent (50%) of the appraised value of a permanent residence owned and occupied by a qualifying owner. A qualifying owner is an owner who meets all of the following requirements as of January 1 preceding the taxable year for which the benefit is claimed: • Is at least 65 years of age or totally and permanently disabled. • Has an income for the preceding calendar year of not more than $25,600. • Is a North Carolina resident. Income is defined as monies received from every source including Social Security benefits, retirement payments, proceeds from insurance policies, interest dividends, etc. It does not include gifts or inheritances from a spouse or immediate family member. For married applicants residing with their spouses, the income of both spouses must be included, whether or not the property is in both names. Applications must be filed with Surry County’s Tax Office.
