Agenda - 10-01-2002 - 8e - Laserfiche WebLink

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.~ ,~ ORANGE COUNTY BOARD O>= COMMISSIONERS ACTION AGENDA ITEM ABSTRACT Meeting Date: October 1, 2002 Action Agenda SUBJECT: Late A lications far Pra a Homestead Exem tion DEPARTMENT: Assessor's Office PUBLIC HEARING: (Y/N) No ATTACHMENT(S): INFORMATION CONTACT: John Smith, ext. 2101 Exempt Status Resolu#ion Letters Requesting Homestead Exemption TELEPHONE NUMBERS: Hillsborough 732-8181 Chapel Will 96$-4501 Durham fi88-7331 Mebane 336-227-2031 PURPOSE: To consider two {2) late applications for granting homestead exemption for the 2DD2 tax year. BACKGROUND: North Carolina law provides for the exclusion of a portion of the value of certain real and personal property from taxation, provided that the owner meets certain income and age provisions. NCGS 105-277.1 excludes from property taxes the greater of twenty thousand dollars ($20,000) or fifty percent of the appraised value of the residence and homesite owned by N.C. residents aged fi5 or older or totally and permanently disabled whose disposable income does not exceed $18,DOD. This exclusion covers real property or mobile homes occupied by the owner as his or her permanent residence. Applications for this "homestead exemption" must be filed prior to June 1 st in the tax year for which relief is sought. The applicants filed appliications for homestead exemption after June 1, 2002, NCGS 105- 282.1(x1)does allow some discretion for untimely applications for homestead exemption. Upon a showing of good cause by the applicant for failure to make a timely application, an appUcation for exemption or exclusion filed after the close of the listing period may be approved by the Department of Revenue, the board of equalization and review, the board o€ county commissioners, or the governing body of a municipality, as appropriate. An untimely application for exemption or exclusion approved under this subdivision applies only to property taxes levied by the county or municipality in the calendar year in which the untimely application is filed. The applicants can be approved for 20D2 based on the above referenced general statutes. The opinion of the Assessor is that the above referenced applicants meet all eligibility requirements and the letter provided satisfies the "good causen requirement of NCGS 105-282.1(x1). FINANCIAL IMPACT: The reduction in the County's tax base associated with approval of these homestead exemption applications will result in a reduction of 2002 taxes due to the County, municipalities, and special districts in the amount of $ 2,363.57.