Tax exclusions follow revaluation

With Mecklenburg County planning to send notices of new property values within the week, now is the time different tax exemptions.

North Carolina allows for several exclusions for those with low-income, who are disabled veterans or seniors. For relief for 2011 property taxes, applications for an exclusion must be postmarked by June 1. For more information on the exclusion, call 704-336-7600 or visit.charmeck.org.

• Low-Income Homestead Exclusion.

Residents who qualify, can receive an exclusion of either $25,000, or 50 percent (whichever is greater) of the tax value of your residence.  To qualify, residents’ must be a North Carolina resident that is at least 65 years old or permanently disabled.

• Disabled Veterans Homestead Exclusion.

North Carolina excludes from property taxes the first $45,000 of assessed value.

To qualify, residents’ must be an honorably discharged veteran who has a 100 percent total and permanent disability that is service-connected or be the unmarried surviving spouse of a qualifying veteran.

• Circuit Breaker Exclusion

This program is available for elderly or disabled homeowners whose income is to high for the Homestead Exclusion.

To qualify, residents must meet the Homestead Exclusion’s age or disability requirements, have owned and occupied their residence for five years and be a North Carolina resident.

The county’s tax assessor’s office is preparing to finish a year-long study of the area’s property values eight years after the last revaluation and three years after the country’s real estate market plunged.

The state requires the assessor’s office to perform the revaluation every eight years to realign assessed values with how homes are actually selling. The county initially planned its revaluation two years ago, but postponed the operation during the recession.

Overall property owners will mostly likely see an increase in their property values, Alexander said, and the county can expect a 6 to 7 percent increase in its tax base. But that doesn’t necessarily mean they will see a huge increase in their tax bill. That’s because the tax assessor doesn’t set property taxes but rather the county, city and town boards make those decisions.

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