NC S159

Creates a property tax appreciation exclusion allowing North Carolina residents age 65 or older to defer taxes on increases in their home's appraised value above the value when they first apply for the program

Requires owners to have owned and occupied the property as a permanent residence for at least five consecutive years to qualify

Deferred taxes become a lien on the property, with the three most recent years of deferred taxes becoming due upon a disqualifying event such as selling the home, death of the owner, or ceasing to use the property as a permanent residence

Married couples qualify for full benefits if only one spouse meets the age and residency requirements; temporary absences for health reasons or nursing home stays do not disqualify owners

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