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50 Circuit Breaker
Remote Racking of a Westinghouse DB-50 Circuit Breaker
Do You Qualify for Homestead Exclusion?
If you're a North Carolina resident, and you're a homeowner, you might qualify for some significant savings on your property tax bill. Under the Homestead Exclusion, there are three ways to keep a portion of your property from being taxed. Here's an overview:
- Homestead Exclusion for the Elderly and Disabled
If you're age 65 or older or you're totally and permanently disabled, and your household income is less than $27,500 (you have to include your spouse's income, whether or not your spouse is on the title to your home), you can apply for this homestead exclusion.
Under the exclusion, you don't pay taxes on the greater of the first $25,000 or 50% of your home's value. Of course, because this is the homestead exclusion, the house in question has to be owned by you, and it has to be your place of residence.
So, for example, if you meet the requirements, and your house is worth $100,000, then $50,000 of your home's value will be property tax-free, and you'll only pay property taxes on the other $50,000.
- Circuit Breaker Exclusion
What if your income is too high for you to qualify for the Elderly and Disabled Homestead Exclusion?
If…
1) You're 65 or older or totally and permanently disabled;
2) You've owned and lived in your house for at least 5 years; and
3) Your household income is less than $46,500
…then there's still a chance for you to save. With the Circuit Breaker exclusion, part of your home's value is shielded from property taxes, with the amount depending on your exact income.
If you make less than $27,500 each year, you only pay property taxes on the value of your property that equals 4% of your income. If you make more than $27,500 but your income doesn't exceed $46,500, then you pay property taxes on the value of your home that exceeds 5% of your income.
For example, if you're a North Carolina resident, you own and occupy your home, and you qualify for this exclusion with an income of $30,000 per year, you'll only pay property tax on $1,500 of your home's value.
But, there's a catch: the Circuit Breaker Exclusion is a tax deferral, so when you take advantage of it, the full amount of property tax for the past three years becomes due if you:
1) Sell or transfer the house;
2) Stop using the house as your primary residence; or
3) Pass away.
Disabled Veteran Exclusion
If you're a disabled veteran, regardless of your age, you can qualify for a tax break on your home. Under the Disabled Veteran Exclusion, up to the first $45,000 of your home's value can be excluded from taxes if:
1) You were honorably discharged from the military; and
2) You're totally and permanently disabled, and your disability is related to your military service; or
3) You get federal benefits for specially adapted housing.
Keep in mind that you can't combine these exclusions – if you qualify under multiple categories, you'll need to choose only one. And, the deadline to apply for the exclusions is June 1st. For the Circuit Breaker exclusion, you'll need to re-apply each year. You can get more information about Homestead Exclusion at www.co.guilford.nc.us.
About the Author
Our firm is dedicated to providing you with quality estate planning resources, so you can become familiar with all of the existing options. When you visit or call our office, we want you to feel comfortable discussing such an important issue concerning both you and your family. We want to arm you with the information you need to make an informed decision about your family's future.
If you have a well-drafted estate plan in place, you'll ensure that your estate passes to whom you want, when you want, and is carried out in the manner you've chosen. You can rest assured that your family won't have to endure the public process and costly matter of probate. The government won't be able to take what you've spent a lifetime building. But you need to be aware of the many options that exist in estate planning—and you must choose your attorney wisely.Cheryl David is a leading provider of expert estate planning guidance in Greensboro, NC. For more information on homestead exclusion and other estate planning services, visit our website.
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