Homestead Exemption In Nc In Virginia
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FAQ
The Homestead Exclusion allows you exemption of $25,000 or 50% of your home's value (whichever provides the most benefit). This only applies to your primary residence and is limited to 1 acre or less.
North Carolina defers a portion of the property taxes on the appraised value of a permanent residence owned and occupied by a North Carolina resident who has owned and occupied the property at least five years, is at least 65 years of age or is totally and permanently disabled, and whose income does not exceed $56,850.
Any Virginia resident 18 years of age or older may file a Homestead Deed. A married couple each may file a separate Homestead Deed. An adult child living with a parent also may file a separate Homestead Deed. You do not have to be a home owner or home buyer.
Virginia law allows for the filing of a homestead deed within your local county Land Records office. In Fairfax County and the City of Fairfax, homestead deeds are recorded in the Land Records Division of the Fairfax Circuit Court.
However, Virginia requires residents seeking homestead exemptions to use Virginia's specific state exemption laws. Virginia homestead laws allow residents to designate up to $5,000 worth of real estate (including mobile homes) as a homestead, plus $500 for each dependent.
North Carolina differs from most state homestead laws by not specifying an acreage limit, but only allowing up to $1,000 worth of property to be declared a homestead.
Under the Virginia exemption system, homeowners can exempt up to $25,000 of equity in a home or other property covered by the homestead exemption. The exemption applies to real property, which includes your home or condominium and personal property used as a residence, so your mobile home would also be covered.
While the specifics can vary by state, generally, homestead exemptions are only available for an individual or family's primary residence. This means you cannot claim homestead exemptions in multiple states.
North Carolina excludes from property taxes a portion of the appraised value of a permanent residence owned and occupied by North Carolina residents aged 65 or older or totally and permanently disabled whose 2024 income does not exceed $37,900 annually.
