In addition, all owners must have owned and occupied the residence for the previous five years.For unmarried joint property owners, each owner must apply and qualify separately.Gross income for 2021 for both an applicant and spouse cannot exceed $47,850.Also called the Circuit Breaker Program.Failure to make any of these notices before June 1 will result in penalties, interest, and the possible loss of the exclusion. The surviving spouse or joint property owner is required to reapply for the exclusion if qualified. If the person receiving the exclusion last year was deceased prior to January 1 the person required by law to list the property must notify the Wake County Department of Tax Administration. Once approved for this program, you do not need to reapply unless your permanent residence has changed, your income now exceeds the current annual income eligibility limit, or you are no longer totally and permanently disabled.
Even if you do not qualify for the program in future years, the excluded value from prior years does not become taxable. Exclusion means some of the value will not be considered when your tax bill is created. This program excludes from taxation the first $25,000 or up to 50% (whichever is greater) of home value. For unmarried joint property owners, each owner must apply separately, and benefit limitations may apply based on the percent of ownership.Gross income for 2021 for both an applicant and spouse cannot exceed $31,900.Applicants must be 65 years of age or totally and permanently disabled as of January 1.Also called the Elderly or Disabled Homestead Exclusion.
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