Want to save money on your Wake County property tax bill? Here are 3 ways to save.

·2 min read
Ethan Hyman/ ehyman@newsobserver.com

Time is running out to apply for three programs that can help Wake County residents save money on their property tax bills.

North Carolina has three property tax relief programs that counties offer to residents who meet certain demographics.

In all, there have been 5,775 exclusions approved in Wake County.

Some nonprofits, including One Wake and Habitat for Humanity for Wake County, have called on Wake County and the city of Raleigh to create new programs similar to ones offered in Mecklenburg, Durham and Orange counties.

The Wake County Board of Commissioners will discuss potential new programs June 13.

Here are some of the existing programs:

Disabled Veteran Program

Applicants must be a veteran discharged under honorable conditions or their unmarried surviving spouse. The veteran must have a “total and permanent disability” that is connected to their time in the military or received benefits for specially adapted housing.

The program excludes up to the first $45,000 of the appraised value of the home of the veteran.

People do not have to reapply for this program every year.

There have been 1,873 exclusions approved for the disabled veterans program.

Elderly or Disabled Homestead Exclusion

This program excludes $25,000 or up to 50% of a home value from taxation, whichever is larger.

Applicants must be 65 years old or older or permanently disabled as of Jan. 1. Gross income for an applicant can’t exceed $31,900.

People do not have to reapply for this program every year.

It’s the most used program in Wake County with 3,693 exclusions approved.

Tax Deferment

This program is also called the circuit breaker program.

Applicants have to be 65 or older and permanently disabled as of Jan. 1. Gross income for an applicant can’t exceed $47,850.

Applicants must have owned and lived in the home for the last five years and must apply every year.

This program limits taxes to a percentage of the applicant’s income and taxes above the limit are deferred until a future date.

“The last three years of deferred taxes become payable with interest if a disqualifying event occurs,” according to Wake County’s website. “Disqualifying events include death of the owner or transfer of the property where the owner’s share is not passed to another qualifying owner, and failure to use the property as the owner’s permanent residence.”

Just 129 exclusions have been approved for this program.

How to apply?

Go to wakegov.com/tax and click on “tax relief programs.”

To submit an application, email taxhelp@wakegov.com, mail to PO Box 231, Raleigh, NC 27602 or hand-deliver to 301 S. McDowell St., Suite 3800, Raleigh.

For questions call 919-856-5400.