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Lincoln Shoreline Community Organization

Lincoln Shoreline Community Organization. LiSCO www.lincolnshoreline.org. PROPERTY TAX LAW Homestead Exemption. Eligibility: (one spouse must be..) Over 65 or totally and permanently disabled (from seeking gainful employment)

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Lincoln Shoreline Community Organization

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  1. LincolnShorelineCommunity Organization LiSCO www.lincolnshoreline.org

  2. PROPERTY TAX LAW Homestead Exemption • Eligibility: (one spouse must be..) • Over 65 or totally and permanently disabled (from seeking gainful employment) • Less than $ 25,000 of income prior year. (indexed by Social Security payment inflation factor) Income is ALL Joint income from all sources other than gifts. • NC resident and property is primary legal residence (even if temporarily in a nursing home or similar facility) GS § 105-277.1.

  3. PROPERTY TAX LAW Homestead Exemption • Basic Formula: • Valuation for tax purposes reduced by 50% or $25,000, whichever is greater. (indexed by Social Security payment inflation factor) GS § 105-277.1.

  4. PROPERTY TAX LAW Homestead Exemption • How to Apply: • County tax office in Lincolnton prior to June 1 to get exemption for the following tax year. GS § 105-277.1.

  5. PROPERTY TAX LAW Circuit Breaker Eligibility: (one spouse must be..) • Over 65 or totally and permanently disabled (from seeking gainful employment) • NC resident and property is primary legal residence (even if temporarily in a nursing home or similar facility) • Owned and lived in home for at least 5 years • Joint Income is less than $ 37,500 of income from ALL sources other than gifts in the prior year. (indexed by Social Security payment inflation factor) GS § 105-277.1.B

  6. PROPERTY TAX LAW Circuit Breaker Tax Deferral: • That portion of property tax which exceeds: • 4% of income if income <$25,000 • 5% of income if income >$25,000 and <$37,500 (all numbers indexed by Social Security inflation index) • Deferred taxes are carried for 3 years forward as a lien on the property, with interest, payable upon transfer of the property, or death of the qualifying owner. Taxes deferred more than 3 years are forgiven. GS § 105-277.1.B

  7. PROPERTY TAX LAW Circuit Breaker • How to Apply: • County tax office in Lincolnton prior to June 1 to get exemption for the following tax year. GS § 105-277.1.B

  8. PROPERTY TAX LAW Senior Citizens • Homestead Exemption (Valuation Reduction) • Circuit Breaker (Tax Deferral) • Can’t do both. If eligible for both, pick one GS § 105-277.1.

  9. OTHER StatesSenior Citizens Homestead Exemption AL Seniors pay NO County Tax, do pay City Tax AK 1st $150K exempt no income limit CA 1st $34K exempt if income <$35K CO 1st 50% up to $200K exempt no income limit CT Variable tax credit DE Tax credit 50% of school taxes, max $500 FL 1st $50K exempt; Max assessment increase 3% GA some County level relief HI 1st $60-120K exempt no income limit ID 1st 50% up to $208K exempt no income limit IL 1st $50K exempt if income <$50K

  10. OTHER StatesSenior Citizens Homestead Exemption IN 1st 50% up to $70K exempt 1st 50% up to $144K exempt if income <$25K IA 1st 50% up to $9.8K if income <$19.8K KS 1st 45% no limit if income <$16.8K (excl 50% of Soc Sec income) KY 1st 50% up to $29.4K LA 1st $75K exempt from County (not city) tax ME 1st $13K exempt MI 1st .18c of tax exempt if income <$82.5K MS 1st $75K exempt MT 1st $45K exempt if income <$45K

  11. OTHER StatesSenior Citizens Homestead Exemption NE 1st $40K exempt if income <$40K NV 1st 90% of taxes up to $500 if income <$28.5 NJ tax limited to 4% ! tax credit towards NJ state income tax NM tax credit $250 if income <$18K 3% assessment increase limit NY Up to 59% of school taxes exempt if income <variable rate by city Plus 1st $30K of assessment exempt from school taxes Additional rebates on a sliding scale by income <$90K ND tax credit $3,376 if income <$17.5K OH 1st 50% of assessment up to $25K if income <$26K

  12. OTHER StatesSenior Citizens Homestead Exemption OR none PA tax rebate $650 if income <$35K max tax rate 0.3c ! RI tax rebate $250 if income <$35K SC 1st $50K assessment exempt SD 1st 35%/55% of taxes rebated if income <$13K TX 1st $10k assessment exempt from school taxes; 1st $3K assessment exempt from other taxes UT Tax Credit $816 if income <$27.5K VT none VA varies by locality if income <$50K WA School taxes exempt if income <$35K

  13. OTHER StatesSenior Citizens Circuit Breaker CA CO ID IL IN MD MA MN NH NC OR SD VA (by locality) WA

  14. OTHER StatesSenior Citizens Assessment Limits AZ Assessment frozen if income <4x Soc Sec AR Assessment frozen CA 1% assessment increase GA Assessment frozen if income <$30K some County level relief LA Frozen Assessment MA 2.5% assessment increase limit 2.5% (!) tax rate limit MI 1st .18c of tax exempt if income <$82.5K MO tax increase >2.5% exempt

  15. OTHER StatesSenior Citizens Assessment Limits NJ tax limited to 4% ! Frozen taxes if income <$50K NM 3% assessment increase limit PA max tax rate 0.3c ! OK Frozen assessment if income <$25K TX School taxes frozen

  16. Call to Action • Join LiSCO • Fill out the form tonight • Pay or commit to the $35 dues • Join and get active on a sub-committee

  17. LincolnShorelineCommunity Organization LiSCO www.lincolnshoreline.org

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