NC S657

Increases income eligibility limit for elderly and disabled homeowners from $25,000 to $35,000 ($70,000 for married couples) effective July 1, 2020, with future adjustments tied to Social Security cost-of-living increases.

Provides retired state or federal government employees with 20+ years of service an exclusion on the first $60,000 of appraised value plus any remaining value that would result in tax liability exceeding $1,000.

Expands disabled veteran homestead exclusion from $45,000 to $100,000 of appraised value excluded from taxation.

Modifies property tax homestead circuit breaker eligibility to allow multiple qualifying owners (not just married couples) to receive full benefit if one owner meets length of occupancy and age/disability requirements.

Establishes state reimbursement mechanism requiring counties to report hold harmless amounts by September 1 annually, with state distributing reimbursements by December 31, funded from sales tax collections.