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NC Dept. of Revenue Fax : 919-733-1821 Dec 5 '97 14:33 P. 02 <br /> <br />GENERAL ASSEMBLY OF NORTH CAROLINA <br /> <br /> SESSION 1989 <br /> <br />· - H 2 <br /> <br /> HOUSE BILL 1597 <br />Committee Substitute Favorable 6/21/89 <br /> <br />Short Title: Index Homestead Exemption. <br /> <br />(Public) <br /> <br />Sponsors: <br /> <br />Referred to: <br /> <br /> May 4, 1989 <br /> 1 A BILL TO BE ENTITLED <br /> 2 AN ACT TO INDEX THE AMOUNT OF THE PROPERTY TAX HOMESTEAD <br /> 3 EXEMPTION AND THE AMOUNT OF THE INCOME LIMIT FOP. <br /> 4 ELIGIBILITY FOR THE EXEMPTION. <br /> 5 The General Assembly of North CaroIina enacts: <br /> <br /> 6 Section 1. G.S. ].05-277.1 reads as rewritten: <br /> 7 "§ 105-277.1. Property clo_~'s_ilied for taxation at reduced valuation. <br /> <br />8 a ............. ~ ....... ~,,~,,,,,~ Real pr0pertv or a manufactured home owned <br />9 and .Oqeupied by a q.~alifying owner as the owner's permanent residence is designated <br />10 a special class of property under Article V, Sec. 2(2) of the North Carolina <br />11 nstitution an ,~,., ,, .......... ,~ ............ ,,~.,,~ .... .. able in accordance <br />12 wi[h this SCq~;ion. The amo~m[ of the appraised value.of a oermanent residence thai; <br />13 equals the index amount for the county in which the residence is 10~ated is excluded <br />14 fromm taxation. <br />15 The index amount is fifteen thousand dollars ($15.000) for each county until the <br />16 c~ounty's first horizontal adjustment or reappraisal of real property' that is effective for <br />17 taxable years be~nning on or after January_. !..1991. Upon the effective date Of a <br />18 county's horizontal adiustmem or reappraisal effective for taxable years beginning on <br /> <br /> <br />