North Carolina seniors could soon see major relief on their tax bills. State lawmakers are currently moving to overhaul property tax programs as rising home values push many retirees to a financial breaking point.
Lawmakers are looking to raise income limits for the state’s homestead exclusion and eliminate strict residency requirements that currently lock many homeowners out of help. Senate Leader Phil Berger has even proposed a one-year freeze on property revaluations to give the General Assembly time to pass these reforms.
Advocates say the changes are vital for seniors choosing between prescriptions and their mortgages. While county officials worry about potential budget gaps, lawmakers call it a necessary step to keep long-time residents in their homes.
