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Cabarrus County Property Tax Assistance Grant A. Grant: - A permanent residence owned and occupied by a qualifying owner is designated a special class of property by the County Board of Commissioner,; and is eligible for a tax assistance grant in accordance with this section. QualifYing owners benefit by having a portion of the Cabarrus County taxes paid by Cabarrus County through the issuance of a voucher based on the greater of $20,000 or 50% of the value of their owner occupied pennanent residence. This Grant does not apply to city or fire district taxes. This program applies only to residences that have an assessed value of $150,000 or less and applies only to current year taxes. Property owners who are currently receiving the ElderlylDisabled Exclusion are not eligible for this grant. A qualifying owner is an owner who meets all of the following requirements as of January I proceeding the tax year for which the benefit is claimed: I. Has an income for the prior year of not more than the statutory limit. 2. Taxpayer must pay the balance of the tax bill before the voucher may be applied. 3. If delinquent taxes exist an approved payment plan must be maintained to clear up all delinquencies. 4. Is a North Carolina resident. B. Temoorarv Absence: - An otherwise qualifying owner does not lose the benefit of this grant because of a temporary absence from his or her permanent residence for reasons of health, so long as the residence is unoccupied or occupied by the owner's spouse or other dependent. C. Income Eli2ibilitv Limit: - For the 2005 tax year, the income eligibility limit is nineteen thousand two hundred dollars ($19,200). For taxable years beginning on or after July I, 2005, the income eligibility limit is the amount set by the Departurent of Revenue for the elderly Idisabled exclusion. D. Dermitions: - The following dermitions apply: I. Code: The Internal Revenue Code, as defined in G.S. 105-228.90. 2. Income: Adjusted gross income, as dermed in section 62 of the Code, plus all other moneys received from every source other than gifts or inheritances received from a spouse, lineal ancestor, or lineal descendant. For married applicants residing with their spouses, the income of both spouses must be included, whether or not the property is in both names. 3. Owner: A person who holds legal or equitable title, whether individually, as a tenant by the entirety , a joint tenant, or a tenant in common, or as the holder of a life estate or an estate for the life of another. A manufactured home jointly owned by husband and wife is considered property held by the entirety. 4. Permanent residence: A person's legal residence. It includes the dwelling, the dwelling site, not to exceed one acre, and related improvements. The dwelling may be a single family residence, a unit in a multi-family residential complex, or a manufactured home. E. Aoolication: An application for the grant provided by this program must be filed after the tax bill is issued, but may be filed and must be accepted at any time up to and through November 30 of the year in which the tax is due. When property is owned by two or more persons other than husband and wife and one or more of them qualify for this grant, each owner must apply separately for his or her proportionate share of the grant. F. Multiole Ownershio: A permanent residence owned and occupied by husband and wife as tenants by the entirety is entitled to the full benefit of this grant. When a permanent residence is owned and occupied by two or more persons other than husband and wife and one or more of the owners qualify for this grant, each qualifying owner is entitled to the full amount of the grant not to exceed his or her proportionate share of the valuation of the property. No part of a grant available to one co-owner may be claimed by any other co-owner and in no event may the total grant allowed for a permanent residence exceed the grant amount provided by this program. E-\