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August 24, 2007, Newsletter Issue #78: Retiring to North Carolina
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Tip of the Week
North Carolina is a popular place to retire because it offers older and disabled homeowners the Homestead Exemption, which allows qualifying homeowners a reduction on their property tax. The first $20,000 in appraised value of a permanent residence owned and occupied by a qualified owner is excluded from taxation. This can be a powerful incentive to consider places to retire in N.C. A qualifying owner: (1) is at least 65 years of age or totally and permanently disabled; (2) has an income for the preceding calendar year of not more than $15,000; and (3) is a North Carolina resident. For more information, contact the tax office of the county or counties where you are thinking of retiring.
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