Property Tax Modifications.

SB 349 modifies North Carolina's property tax relief program for elderly or disabled homeowners. It changes the income eligibility limit for the homestead exclusion to automatically adjust annually based on Social Security cost-of-living adjustments (rounded to $100), while eliminating the requirement to pay deferred taxes under the property tax homestead circuit breaker. The bill directly affects qualifying homeowners aged 65+ or permanently disabled who own and occupy their primary residence, as it removes the deferred tax liability that previously accrued during eligibility. This change simplifies the program by ending the process where deferred taxes became due upon disqualifying events like property transfer or loss of residency.