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I'.4C Dept. of Revenue Fax:919-735-i82i Dec 5 '97 14:,54 P. 03 <br /> <br />GENF. I~ ASSEMBLY OF NORTH CAROLINA SESSION 1989 <br /> <br />1 <br />2 <br />3 <br /> <br />$ <br /> <br /> 6 <br /> 7 <br /> 8 <br /> 9 <br /> 10 <br /> 1I <br /> 12 <br />_13 <br /> I4 <br /> <br /> 15 <br /> 16 <br /> 17 <br />-18 <br /> 19 <br />--20 <br /> 21 <br />_22 <br /> 23 <br /> 24 <br /> <br />or afterj~uary t, .1991, the index amount for..that county is t.he amount in effect <br />before the effective date of the horizontal act_~ustment or reappraisal plus or minus a <br />percentage of this amount th~ equals the average percentage increa$~ or decrease in <br />th~ appraised value of real property in the county.resulting from the .horizontal <br />adjustment or reappraisal, round¢~ to the n~arest one huRdred .dotla~s ($100.00). <br />Thg inde~ amount effective upon a ~9untv's horigontal adjustm.ent or reappraisal <br />remains the county'~ index ~mount .until the county's next horizontal adjustment of <br />residential ~r0perty ~r revaluation. <br /> The D~partment 9f Revenue shall deier~ne th~_ percentage inere.~¢., or decrease <br />in real ~ropert~.values resulting ffom'a horizontal adjustmgnt or reappraisa~_~om <br />sales assessment ratio ~tpOigs made..~der G.S. 105-289(h), shall calculate a ne~; index <br />amoun; to be in effect in a county wh~ g horJlontal adjustment or reappraisal <br />Oecgmes effective in the cgunty, and sh~ll, noti~ the assessor of the. county' of lhe .new <br />amount by ~ril .1~ .of the.year in which the amount become~effective. Thc tim: <br /> <br />Z6 [al) A 'quali.~ing owner' is an owner wh...o, as of January 1 of the taxable year for <br />~27 _w_hich the benefit of this seqt. i..on is claimed; <br />Z8 (1) Was a North Carolina resident; <br />-29 ~ Was at least 65_years old or tgtally and permitnen.t, ly disabled; and <br />30 {3) Had an aggrezate householc!..i~come for the immediately preceding <br />Jl calerldar year of not more than the income ¢ligib_iliry amount. <br />32 The income eligibility limit is the same for every, countv. Until taxab].¢ year 1991, <br /> 13 t32e limit is eleven thousand dollars (.$11,000). For taxable years beginning on or after <br /> 34 Janua~' 1, 195}1, the limit is the amount for the p.r. eceding y¢~.r, increased by the same <br /> ~5 percevtage of this amount as the r~ercentage by which the federal gQyernment <br /> <br />House Bill I597 <br /> <br />Page 2 <br /> <br /> <br />