What is the Property Tax homestead Circuit Breaker Program?

The Circuit Breaker Tax Deferment program limits the amount of taxes qualified North Carolinians, who are age 65 and over or totally and permanently disabled on January 1, would pay on their permanent residence (homestead). Taxes are limited to a percentage of the taxpayer’s income as shown below. Taxes above that percentage are deferred until there is a disqualifying event that triggers the repayment of the deferred taxes.

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tax limitations for 2024.

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1. What is the Property Tax homestead Circuit Breaker Program?
2. What are the qualifications for the Circuit Breaker Tax Deferment Program?
3. How are deferred taxes calculated and are they a lien on my property?
4. What would trigger the repayment of the deferred taxes?
5. What happens if I apply and qualify for the Circuit Breaker Deferred Tax Program for 1 or more years and in the future I no longer qualify or I fail to submit the required annual application?
6. Does all deferred taxes have to be repaid?
7. Does interest also have to be paid on deferred taxes when they become due?
8. What is considered income and how much can I make and still qualify for the circuit Breaker Tax Deferment Program?
9. What is considered part of my Homestead / Permanent Residence?
10. Do I have to apply in person?
11. How can I show that I am 100% totally and permanently disabled?
12. How do I provide proof of income?
13. When is the deadline to file an application?
14. Do I need to reapply annually?