Tax Cutting

elderly property tax vexclusionAre you 65 or older?  Did you know that you can greatly reduce your property tax obligation by filling out a little paperwork?  In North Carolina, there is a property tax exemption process for people 65 years or older.

The elderly exclusion makes $25,000 or 50% of the home’s appraised value exempt from property taxes.  So if your home is appraised at $40,000, $25,000 of that value would be exempt from property taxes leaving only $15,000 subject to property taxes.  If your home is worth $150,000, half of its value, or $75,000 would be exempt.

To qualify, you must be 65, be a resident of North Carolina, occupy your residence, and have an annual income not exceeding $29,000.  If you are married, income from both spouses must be combined and cannot exceed that $29,000 level.

The exclusion applies to the dwelling and it’s site, not to exceed one acre.  It does not apply to vacant land.

Applications for this program must be filed by June 1.  Once the exclusion is granted it runs automatically from year to year – there is no need to reapply.

Details about this program as well as one for disabled veterans can be found at www.co.guilford.nc.us or at the Guilford County Tax Department offices in Greensboro or Highpoint.  Here is a LINK to a brochure with more information.

The Vincent Group at Help-U-Sell Triad Realty a full-service real estate company serving buyers and sellers in Greensboro, High Point, Winston-Salem, Summerfield, Oak Ridge, Jamestown, and other Piedmont Triad areas. Please get in touch with our experienced real estate professionals by calling (336) 790-5210 or by emailing Steve Vincent.  Visit our website at servingthetriad.com.

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