A homestead exemption is when a state reduces the property taxes you have to pay on your home. This only applies to your primary.Homestead tax exemptions shelter a certain dollar amount or percentage of home value from property taxes. The homestead exemption doesn't prevent or stop a bank foreclosure if the homeowner defaults on their mortgage. The amount of the appraised value of the permanent residence and up to a one (1) acre homesite may be excluded from taxation. Application deadline is June 1. North Carolina offers three Property Tax Relief programs for qualifying taxpayers. Property tax relief programs apply only to the permanent residence. Thus, homestead exemptions can provide asset protection from creditors for at least some of the value in the homestead.
