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PROPERTY TAX RELIEF FOR ELDERLY AND PERMANENTLY DISABLED <br /> G.S.105-277.1 <br /> <br /> Estimated Estimated <br />Exem~ Valuation Loss Revenue Loss ~$.66 <br /> <br />20,000 (Current) 39,208,937 $ 258,779. <br />25,000 49,025,000 323,565. <br />35,000 68,635,000 452,991. <br />45,000 88,245,000 582,417. <br />55,000 107,855,000 711,843. <br />65,000 127,465,000 841,269. <br /> <br />Legislative changes over the past twenty (20) years, regarding the above exclusion, <br />normally increases (1) the amount of exemption and (2) the income threshold so more <br />elderly and disabled individuals can qualify. For example, the most recent legislation <br />increased the exempt value from 15,000 to 20,000 and the income limitation from <br />$11,000 to $15,000. <br /> <br />Another proposal was introduced to the General Assembly in 1989. This was an act to <br />index the amount of exemption and income. For example, we would begin with the <br />20,000 exempt value and adjust according to the average percent increase 'of real <br />value attributable to our countywide revaluation. The income eligibility would begin <br />at $15,000 and increase annually by the same percentage the federal government <br />increased benefits under Title II and XVI of the Social Security Act. A copy of that <br />proposed bill is attached. <br /> <br /> <br />