NC S216

Increases the homestead exclusion income eligibility limit from $25,000 to $35,000, effective for taxable years beginning July 1, 2011.

Starting July 1, 2012, the income eligibility limit adjusts annually based on cost-of-living adjustments made to Social Security benefits under Titles II and XVI, rounded to the nearest $100.

Requires the Department of Revenue to determine and notify county assessors of the adjusted income eligibility amount by July 1 each year for the following taxable year.