NC H118

Increases the disabled veteran property tax homestead exclusion from $45,000 to $61,000 of appraised value for permanent residences owned by qualifying disabled veterans or their unmarried surviving spouses

Requires the State to reimburse counties and cities for 50% of tax revenue lost due to the $16,000 increase in the exclusion amount

County and city tax collectors must submit qualifying recipient lists to the Secretary of Revenue by February 15 each year, with reimbursement distributions made by April 15

Funding for local government reimbursements and administrative costs will come from state individual income tax collections

Effective for taxable years beginning on or after July 1, 2026