SB 159

Enacts new GS 105-277.1G, creating a process where a qualifying elderly homeowner may defer increases on property taxes due for their primary residence. Defines “qualifying owner” as a NC resident at least age 65 who has owned the property as a permanent residence for at least five consecutive years and and occupied the primary residence for at least five years. Assesses the taxable value of a qualifying owner’s primary residence at the lower of either the true value or the assessed value in the first year the qualifying owner's application for property tax relief is accepted. Permits the qualifying owner to defer the portion of property taxes due on any increase in assessed value. Provides that a husband and wife may share the deferral benefit on a primary residence if one is a qualifying owner, but denies this benefit to other primary residences owned by two or more persons unless all owners are qualifying owners under the section.