NC H692

Increases income eligibility threshold for the homestead property tax circuit breaker from 150% to 200% of median family income for the state.

Creates two income tiers with different requirements: owners earning up to 150% of median income need 5 years of ownership/occupancy and age 67+, while those earning 150-200% need 10 years of ownership/occupancy and age 70+.

Modifies tax deferral percentages: reduces from 4.0% to 3.0% for income up to 30% of standard, increases from 5.0% to 6.0% for income up to 150% of standard, and adds new 10.0% tier for income from 150-200% of standard.

Requires the Secretary to publish median family income annually by May 1 using latest available data from state or federal agencies.

Effective for tax years beginning on or after July 1, 2019, with certain provisions repealed effective July 1, 2022.