NC S349

Establishes a joint income eligibility limit for the elderly or disabled property tax homestead exclusion at 115% of the individual income eligibility limit for married couples residing together

Eliminates the deferred tax liability under the property tax homestead circuit breaker program, converting it from a tax deferral to a full tax exemption for qualifying amounts

Removes provisions requiring repayment of deferred taxes from the preceding three years upon disqualifying events such as property transfer, owner death, or ceasing to use the property as a permanent residence

Allows individual qualifying owners in multi-owner properties (other than married couples) to apply separately for circuit breaker relief, rather than requiring all owners to qualify

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