House Bill 105 Summary

• Creates an elderly property tax appreciation exclusion for North Carolina residents age 65 or older who have owned and occupied their primary residence for at least five consecutive years

• Allows qualifying owners to defer property taxes on the portion of assessed value increases above the "qualifying value" (the appraised value in the first year of application)

• Deferred taxes become a lien on the property and are due when a disqualifying event occurs, such as transfer of the residence, death of the owner, or cessation of use as a permanent residence

• Permits applications to be filed anytime through June 1 preceding the tax year for which relief is claimed, with county assessors required to notify eligible owners by January 15

• Effective for taxable years beginning on or after July 1, 2023