Expand Homestead Exclusion Inc. Elig. Limit.

SB 230 increases the income limit for North Carolina's Elderly or Disabled Property Tax Homestead Exclusion from $25,000 to $48,000 for taxable years beginning July 1, 2025, and adjusts this limit annually based on Social Security cost-of-living adjustments. It directly affects elderly or disabled homeowners whose property tax bills are reduced under this exclusion, expanding eligibility to those with higher incomes. The bill establishes that the Department of Revenue must annually calculate and notify counties of the updated income limit, rounded to the nearest $100, starting July 1, 2025. This change aims to better align the exclusion with inflation and support more low-to-moderate income senior or disabled homeowners.