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I CASA~L~S CO~]N~ ] <br /> <br />To: <br /> <br />From: <br /> <br />Date: <br /> <br />Subject: <br /> <br />Board of Commissioners <br /> <br />Blair Bennett <br /> <br />December 1, 1997 <br /> <br />Property Tax Relief for Elderly and Permanently Disabled <br /> <br />The current law in North Carolina entitled "Property Tax Relief for Elderly and <br />Permanently Disabled" is noted below. Some individuals refer to this as the Homestead <br />Exemption. <br /> <br />North Carolina excludes from property taxes the first twenty thousand dollars <br />($20,000) in assessed value of certain property owned by North Carolina residents <br />aged 65 or older or totally and permanently disabled whose disposable income <br />does not exceed fifteen thousand dollars ($15,000). <br /> <br />The current valuation lost as a result of the $20,000 Property Tax Relief for Elderly and <br />Permanently Disabled is $39,208,937 or $258,779 of the levy. To increase the Property <br />Tax Relief for Elderly and Permanently Disabled to $25,000 would result in a total lost <br />valuation of $49,000,000 or a total of $323,400 of the levy. Therefore, the increased <br />exemption would result in an additional $64,621 of lost tax revenues. If the income <br />threshold was also increased, then many additional citizens would qualify for the <br />exemption; however, I cannot predict the financial impact should you also consider that <br />element. <br /> <br />In discussions with Terry Rowland, the Tax Assessors Association normally requests the <br />General Assembly to raise the excluded property amount simultaneously with raising the <br />disposable income level. A bill was proposed this past year as follows but failed to pass: <br /> <br />S421 "To amend the Constitution of North Carolina to authorize the General <br /> Assembly to enact legislation allowing each county to (1) increase the amount <br /> of the property tax homestead exemption for low-income elderly and <br /> disabled individuals in that county and (2) raise the definition of "low- <br /> income" so that more elderly and disabled individuals can qualify for the <br /> exemption." Sen. Roy Cooper (Nash). This bill would provide for a statewide <br /> <br /> Finance Department <br /> <br />P O. Box 707 · Concord, NC 28¢26-0707 * t704) 788-8!04 <br /> <br /> <br />