NC H637

Removes the age requirement (65 years or older) and disability requirement from the property tax homestead circuit breaker program, making the benefit available to all qualifying owners regardless of age or disability status.

Maintains existing requirements that owners must have income not exceeding 150% of the income eligibility limit, own and occupy the property as a permanent residence for at least 5 consecutive years, and be North Carolina residents.

Allows qualifying owners to defer the portion of property taxes that exceeds 4.0% of income (for income below the eligibility limit) or 5.0% of income (for income between the eligibility limit and 150% of that limit).

Requires counties to notify the Secretary of Revenue by September 1 each year of their total hold harmless amount (deferred taxes), and the Secretary must distribute reimbursement to counties by December 31 to compensate for revenue loss from tax deferrals.

Effective for taxable years beginning on or after July 1, 2024.