Tax Exemption - Circuit Breaker Deferment

North Carolina defers a portion of the property taxes 'on the appraised value of a permanent residence owned and occupied by a North Carolina resident who has owned and occupied the property at least five years, is at least 65 years of age or is totally and permanently disabled, and whose income does not exceed $47,250. If the owner's income is $31,500 or less, then the portion of property taxes imposed on the residence that exceeds 4% of the owner's income may be deferred. If the owner's income is more than $31,500 but less than or equal to $47,250, then the portion of the property taxes on the residence that exceeds 5% of the owner's income may be deferred. 

The deferred taxes become a lien on the residence and the most recent three years of deferred taxes preceding a disqualifying event become due with interest upon one of the following disqualifying events: 1) the owner transfers the residence; 2) the owner dies; or 3) the owner ceases to use the property as a permanent residence. Multiple owners of a permanent residence must all qualify for the circuit breaker before a deferment of taxes will be allowed. 

You must apply for the opportunity to defer property taxes each and every year that you wish to defer taxes. 

Note: An owner who qualifies for both the property tax homestead exclusion and the property tax homestead circuit breaker may elect to take only one of these forms of property tax relief. 

Applications are available in person or by mail, or by using the print form option below and must be filed with the county assessor by June 1.

Application Form for Circuit Breaker Deferment
Application Form for Certification of Disability

Completed forms may be mailed or faxed to:
Lincoln County Tax Department
100 East Main Street
Lincolnton, North Carolina 28092
Fax (704) 732-9028