NC S563

Creates a new elderly property tax appreciation exclusion allowing North Carolina residents age 65 and older to defer property taxes on the portion of their home's value increase above an established baseline value.

Qualifies property owners who are North Carolina residents, have owned and occupied their permanent residence for at least five consecutive years, and will be at least 65 years old during the calendar year.

Allows deferred taxes to accumulate as a lien on the property, with the three most recent fiscal years of deferred taxes becoming due upon disqualifying events such as property transfer, owner death, or ceasing to use the property as a permanent residence.

Permits husband and wife ownership to qualify if only one spouse meets age and occupancy requirements, but requires all owners to qualify if the property is owned by two or more unrelated persons.

Effective for tax years beginning on or after July 1, 2023, with applications accepted through June 1 preceding the tax year for which relief is claimed.