Stimulus is a word that means “something that arouses action or activity or a strong response from another.”

According to the rhetoric of the federal government, we must stimulate our economy in order to get the sequence of spending and saving our monies back into a working cycle. Yet, senior citizens are being humored not stimulated.

In 2007 the NCGA  adjusted the cap  on the Homestead Act  and increased the cap by $4500.00. This allowed 60,000 seniors and the disabled to qualify, which is less than 15% of the state’s senior population.

A circuit breaker was added to the Homestead Act for those seniors who qualified above the $25,000.00 cap but not more than $38,400.00. The deferred taxes become a lien on the senior residence and the most recent three years of deferred taxes become due if the senior disqualifies for reasons listed by the tax collector.

Seniors qualifying are homeowners and are still paying into the system. They are not indignant and most are working to keep up with the downward spiral of the economy.

In 2007 the NC Assembly raised the cap from  $20,500.00 to $25,000.00.  Since this is the only adjustment made to the cap since the law’s  inception, nothing has been done since. Medical care costs and product price increases continues to rise out of control.

The poverty rate among seniors is rising faster than the COLAS according to the TSCL (The Senior Citizens League).  The COLA was intended to help seniors keep up with inflation.
Word is that senior citizens will not see COLA increases for the next few years as reported by the Congressional Budget Office. If COLA increases do not happen on an annual basis, seniors will fall further into poverty leaving the burden on the states.

NC is still not friendly to seniors yet NC will be the leading state in senior population by the year 2030.

Governor Perdue promised help for the seniors of this state in  her campaign by increasing the cap of the Homestead Act by using graduated increments until it reached $50,000.00.

We implore the NCGA and the Governor’s Office to consider the senior plight and do what was promised to seniors for their vote.

The only stimulation coming forth in this economy is pushing the seniors further into poverty leaving the burden on our state not our future generations.

Thank you so much for your attention.

Sincerely,

Shirley Wiggins,
NCSD Legislative  Committee Chair

 You must have an income for the calendar year of NOT more than $25,000.00 and be a NC resident.

• This exemption applies to the primary residence that you live in with up to an acre of land.
• Once you qualify for this exemption, you will stay qualified until your situation changes (example: income, healthcare or death).
• When qualified, you will receive $25,000.00 off the value of your residence or 50% off the value of your residence, whichever is greater!

Please call your senior friends and let them know. If possible look the tax office number up and jot it down on this card for them.

You deserve this break, take advantage of this law!

The N.C. Senior Dems
Shirley Wiggins
www.ncseniordems.org

Beginning January 1, 2008, seniors 65 years of age or older or the permanently disabled CAN call their local tax office and ask to be qualified for property tax breaks.