Budget & Taxes

House Bill 432 aims to provide various forms of property tax relief to North Carolina homeowners. It increases the property tax exclusion amounts for qualifying elderly or disabled homeowners and expands the exclusion for disabled veterans, allowing more of their home's value to be exempt from taxation. The bill also establishes a new "Homeowner Advantage Property Tax Relief Program" designed to cap the annual increase in a permanent residence's taxable value, based on inflation and a cumulative limit. To qualify for this program, homeowners must have occupied their residence for at least two years. Additionally, the bill creates an "Elderly Property Tax Homestead Circuit Breaker Program" and exemptions from the forced sale of a homestead.

HB 48 raises North Carolina's maximum weekly unemployment benefit from $350 to $400 for claimants filing on or after March 2, 2025, directly affecting unemployed workers. It also creates a 2025 tax credit for employers, allowing them to offset unemployment insurance taxes paid on 2024 fourth-quarter wages against their 2025 tax liability. The credit applies only to contributions remitted by January 31, 2025, and must be claimed via a specific report. The bill ratifies a governor's temporary disaster-related unemployment expansion but focuses on permanent changes to benefit levels and employer tax treatment.