By Jon Coupal – November 5, 2019
We thought you might like to know that the State of California has a Property Tax Postponement (PTP) program, and the application period is now open to qualifying taxpayers through Feb. 10, 2020.
This completely optional loan program is available through the State Controller’s Office. It allows homeowners who are seniors, are blind, or have a disability to defer current-year property taxes on their principal residence if they meet certain criteria including 40 percent equity in the home and an annual household income of $35,500 or less. The annual interest rate for postponed property taxes is 7 percent. Manufactured homes are also eligible for property tax postponement, effective with the 2019-20 tax year.
A recent law, AB 133, will lower the program interest rate to 5 percent and increase the eligible income limit to $45,000, effective July 1, 2020.
Funding for the program is limited, so it’s best to apply soon if you’re interested in this optional loan program. For more information, visit the State Controller’s website at www.sco.ca.gov, call (800) 952-5661, or email firstname.lastname@example.org.
Jon Coupal is President of Howard Jarvis Taxpayer’s Association