Modifies the elderly or disabled property tax homestead exclusion under GS 105-277.1 as follows.  Changes the exclusion amount to 100% of the appraised value of the residence (currently, the greater of $25,000 or 50% of the appraised value of the residence). Increases the age a person can become a qualifying owner from 65 years of age to 70 years of age. Removes the requirement that the person have an income for the preceding calendar year of not more than the income eligibility limit. Makes conforming changes.  
Changes the amount of the income eligibility limit for the property tax homestead circuit breaker in GS 105-277.1B, as follows:

For the taxable year beginning on July 1, 2008, the income eligibility limit is $25,000.
For taxable years beginning on or after July 1, 2009, the income eligibility limit is the amount for the preceding year, adjusted by the same percentage of this amount as the percentage of any cost-of-living adjustment made to the benefits under Titles II and XVI of the Social Security Act for the preceding calendar year, rounded to the nearest $100.

On or before July 1 of each year, directs the Department of Revenue to determine the income eligibility amount to be in effect for the taxable year beginning the following July 1 and to notify the assessor of each county of the amount to be in effect for that taxable year.
Effective for taxes imposed for taxable years beginning on or after July 1, 2026.

Statutes affected:
Filed: 105-277.1, 105-277.1B