AN ACT TO INCREASE THE PROPERTY TAX BENEFIT FOR VETERANS WHO ARE ONE HUNDRED PERCENT DISABLED.
Amends GS 105-277.1C, which provides for a disabled veteran property tax exclusion for the first $45,000 of the appraised value of the permanent residence. Modifies the exclusion to provide two distinct calculations of the tax exclusion based on the disabled veteran's qualifying eligibility criteria. Now excludes the first $45,000 of the appraised value of the residence from taxation for a disabled veteran or their surviving spouse who, as of January 1 preceding the taxable year for which the exclusion is claimed, had received benefits under specified federal law (concerning acquisition and adaptation of housing for eligible veterans) for something other than a service-connected, permanent, and total disability (previously, qualification by receipt of benefits under the specified federal law was not distinguished by the type of benefits). Distinctly, now provides for an exclusion of the greater of the first $55,000 of or 50% of the appraised value of the residence for a disabled veteran or their surviving spouse who meets the existing qualifying criteria, except that qualification by receipt of benefits under the specified federal law must be for service-connected, permanent, and total disability.
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