Property Tax Modifications.

HB 1181 modifies North Carolina's property tax relief programs for seniors and disabled individuals by increasing the income limit for married couples and eliminating deferred tax liability under the homestead circuit breaker. The bill expands eligibility for the circuit breaker to include homeowners earning up to 70% of the area median income and introduces an alternative tax calculation for those who have owned their homes for at least 10 years. Additionally, the legislation appropriates funds to assist counties with property reappraisals and imposes an excise tax on the transfer of controlling interests in entities that hold real property interests.