Application Period: January 1 - June 1
Summary: Qualifying owners benefit by having the greater of $25,000 or 50% of the value of their permanent residence excluded from taxation. To qualify, the property owner must meet the following requirements on January 1 of the year he/she applies:
- Is at least 65 years of age or 100% totally and permanently disabled.
- Has an income for the prior year of not more than the statutory limit.
- Is a Cabarrus County resident.
- Home that application is made for must be applicant's permanent residence.
Income is defined as all other moneys received from every source, other than gifts or inheritances received from a spouse, lineal ancestor or descendant. For married applicants residing with their spouses, the income of both spouses must be included, whether or not the property is in both names.
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