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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.
You may be qualified for the Circuit Breaker Homestead Tax Deferment Program if you are an Iredell County Resident at least 65 years of age on January 1st of the tax year in which you wish to claim the exemption. Also, if you and your spouse’s income did not exceed $55,050 for the year prior to which an application is made and you have owned and occupied your current permanent legal residence for 5 or more years.
If these qualifications do not fit, you may also qualify if you are certified totally and permanently disabled by a licensed physician or governmental agency and you and your spouse’s income did not exceed $55,050 for the year prior to which an application is made. You must also have owned and occupied your current permanent legal residence in Iredell County for 5 or more years.
If the property is owned by multiple owners (other than husband and wife) every owner must meet the qualifications mentioned.
Income is defined as all moneys received from every source other than gifts or inheritances from family members. For the calendar year 2023, the income limit is $55,050. This threshold is adjusted annually for cost-of-living.
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It includes your dwelling, the dwelling site (not to exceed 1 acre), and related improvements such as a garage, carport or storage building. The dwelling may be a single family residence, condominium, townhome or a manufactured home. The tax on additional land and buildings, not part of the homestead/permanent residence, is not subject for any exclusion.
For this exemption, the qualifying homeowner may submit an application by mail, or in person at the Tax Department at 135 East Water Street, Room 100. Since this program is based on your annual income, each year you must file a new application.
You must furnish a certification that you are totally and permanently disabled from either a physician licensed to practice medicine in North Carolina or from a governmental agency authorized to determine qualifications for disability benefits. If you or your spouse is over 65 years old, and meets the income requirements, you do not need to submit a certification of disability.
If you are required to file a Federal Income Tax return you must provide a copy of the return. For non-income tax filers, other proof of income is required. Proof of income must reflect income for the year immediately preceding the tax year for which an application is made. (For example, if an application is submitted for 2022, income for 2021 must be reported.)
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