Senior Property Tax Relief Modernization Act.

HB 1179 modifies North Carolina's property tax relief programs to help seniors and disabled homeowners by allowing them to combine two existing benefits and removing a strict income cutoff that previously denied aid to those just above the limit. The bill introduces a gradual phaseout for the elderly homestead exclusion, reducing benefits by 3.33% for every 1% of income earned above 55% of the state median, while also permitting eligible owners to stack this relief with the circuit breaker program. Additionally, the legislation clarifies rules for seniors living in shared or inherited properties to ensure they can receive full relief if no other non-spouse owner resides there. To offset the increased costs for local governments, the bill requires the state to reimburse counties for revenue losses and provides funding to support more frequent property tax reappraisals.