We wrote previously about House Bill 2, which would expand the current 40% property tax exclusion afforded to the permanent residence owned and occupied by certain disabled veterans or their surviving spouses to 100%. The bill would also create a new exemption for surviving spouses of emergency personnel officers killed in the line of duty.
If passed as initially proposed, these expanded and new exclusions would have hit some counties particularly hard; Cumberland County would have lost nearly $3,000,000 in tax revenue. As reported by The Fayetteville Observer, House Bill 2 has been modified so to provide some relief to those counties.
The bill now includes a provision that would require the State to reimburse any county for the revenue lost as a result of the bill. The bil has received favorable recommendations from the Committee on State and Local Government and is currently sitting at the Finance Committee.