Bill Summary for S 149 (2023-2024)
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View NCGA Bill Details | 2023-2024 Session |
AN ACT TO INCREASE THE PROPERTY TAX HOMESTEAD EXCLUSION AMOUNT FOR DISABLED VETERANS TO ALLOW FOR THE EXCLUSION OF APPRECIATION OF THE APPRAISED VALUE OF THE PERMANENT RESIDENCE ATTRIBUTABLE TO HOUSING GRANT FUNDING FROM THE UNITED STATES DEPARTMENT OF VETERANS AFFAIRS AND TO ALLOW DISABLED VETERANS TO PREQUALIFY FOR THE DISABLED VETERAN PROPERTY TAX HOMESTEAD EXCLUSION.Intro. by Johnson, Lazzara, Bode.
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Bill summary
Amends the disabled veteran property tax homestead exclusion in GS 105-277.1C as follows. Allows for a disabled veteran to exclude from property tax, in addition to the statutory allowance of the first $45,000 of the appraised value of the residence, any portion of the appraised value of the residence attributable to adaptations for the qualifying owner's medical needs if the adaptations were funded by a housing grant from the United States Department of Veterans Affairs for one or more service-connected disabilities.
Allows for disabled veterans to apply for prequalification of the homestead exemption tax relief, even before purchasing a property, so long as a prequalified veteran applies for the property tax relief when purchasing the property. Sets forth an application process and notice requirements. Authorizes a prequalified applicant to provide a copy of the prequalification to the assessor to establish eligibility for the exclusion instead of providing their disability certification or other evidence of benefits received from the Department of Veterans’ Affairs.
Effective for taxable years beginning on or after July 1, 2024.