Bill Summary for S 216 (2011-2012)

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Bill: INCREASE INCOME LIMIT FOR HOMESTEAD EXCLUSION.

Summary date: 

Mar 3 2011

Bill Information:

View NCGA Bill Details2011-2012 Session
Senate Bill 216 (Public) Filed Thursday, March 3, 2011
TO INCREASE THE INCOME ELIGIBILITY LIMIT FOR THE HOMESTEAD EXCLUSION TO THIRTY-FIVE THOUSAND DOLLARS.
Intro. by Allran

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Bill summary

Amends GS 105-277.1(a2) (concerning the property tax homestead exclusion for the elderly and disabled) to increase the income eligibility limit for the homestead exclusion from $25,000 to $35,000, for the taxable year beginning on July 1, 2011. For taxable years beginning on or after July 1, 2012 (currently, July 1, 2009), the income eligibility limit is the amount for the previous year, adjusted as indicated.
Effective for taxes imposed for taxable years beginning on or after July 1, 2011.