Agenda - 08-30-2007-4 - Laserfiche WebLink

Browse Search

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