Homestead Act Information With Tax In Wake
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FAQ
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.
“What are the benefits?” 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.
And provide additional information about the homestead exemption. Application process it isMoreAnd provide additional information about the homestead exemption. Application process it is important to ensure that the property ID is accurate when submitting your exemption.
To request an application for exemption, please call our office at 919-856-5400. The completed application must be filed with the Department of Tax Administration during the regular listing period, which is from January 1 through January 31 each year.
As an example, take three houses in Wake County that each have an assessed value of $400,000 based on the market . If the Wake County tax rate is $0.50 per $100 of value, then the 2020 tax bill for each property is $2,000. The formula being used is (Value / 100) Rate or ($400,000 / 100) $0.50 = $2,000.
“What are the benefits?” 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 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.
