Senate Bill 882 - Middle Class Homeowner Protection Act

• Creates new property tax homestead exclusion for local, state, and federal government employees with at least 20 years of creditable service, excluding from taxation the portion of home value that would result in tax liability exceeding $1,000.

• Increases income eligibility limit for property tax homestead circuit breaker from 150% to 235% of the income eligibility limit and removes age (65+) and disability requirements as qualifying conditions.

• Appropriates $35,000,000 in recurring funds for 2022-2023 fiscal year to the Workforce Housing Loan Program established under G.S. 122A-5.15.

• Appropriates $50,000,000 in additional recurring funds for 2022-2023 fiscal year to the North Carolina Housing Trust Fund.

• Effective date for homestead tax changes is July 1, 2022; housing funding provisions become effective July 1, 2022.