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Property Owner Qualification for Homestead Exemption <br />The chart below compares current Homestead Exemption thresholds with those that will become effective January 1, 2008 <br /> Prior to Janua 1 2008 Be innin Janua 1 2008 <br /> (i) 65 years of age or totally and (1) 65 years of age or totally and <br /> ermanentl disabled ermanentl disabled <br />Qualifying Homeowner (2) income for preceding calendar year (2) Income for preceding calendar year <br /> of not more than the income eligibility of not more than the income eligibility <br /> limit limit <br /> 3 North Carolina resident 3 North Carolina resident <br /> Adjusted Gross Income (Federal <br /> Income Tax Retum) -Adjusted Gross <br /> Income (AGI) is defined as income Gross Income (Federal Iricome Tax <br /> (including wages, interest, capital gains, Return) -Gross Income is defined as <br /> income from retirement accounts, <br />t <br />d d <br />d <br />id <br />d income (including wages, interest, <br />Income Determination ownwar <br />alimony pa <br />to you) a <br />jus <br />e capital gains, income from retirement <br /> by specific deductions (including accounts, alimony paid to you) not <br /> contributions to deductible retirement adjusted downward by specific <br /> accounts, alimony paid by you, health deductions <br /> savings account deductions); but not <br /> including standard and itemized <br /> deductions. <br />Maximum Qualifying Income Adjusted.Gross Income of $20,000 Gross Income of $25,000 <br />The chart below compares the impact of House Bill 1499 on a 65 year old or older taxpayer and a qualifying disbled homeowner who would <br />qualify for Homestead Exemption under the current legislation based on his/her AGI but would not qualify beginning January 1, 2008 based on <br />his/her gross income. <br /> Prior to Janua 1, 2008 Be innin Janua 1, 2008 <br />Income $19,000 Adjusted Gross Income $25,900 Gross Income <br />Qualifies for Homestead Yes No <br />Exemption <br />Total Valuation of Home $200 000 $200,000 <br />Value of Homestead <br />Exemption (equivalent to 50% ($100,000) $0 <br />of total valuation <br />Taxable Valuation After <br />Allowing for Homestead $100,000 $200,000 <br />Exem tion <br />Taxpayer's County Tax Bill <br />$950 <br />$1,900 <br />Liabili <br />