October 4, 2016 – Because there are deadlines and a limited pool of money to support the program, we want to be sure that all who may need this assistance have the information.
The following is from the Office of the State Controller, which is responsible for administrating the (PIP) program:
PTP applies only to current-year taxes. Program participants must reapply for the program each year and demonstrate they continue to meet eligibility requirements. The legislature narrowed the requirements to ensure the program’s limited funds support California’s most vulnerable residents, so not everyone who participated prior to 2009 will qualify.
To be eligible for property tax postponement, a homeowner must be 62, or blind, or have a disability. The homeowner must also have a household income of $35,500 or less, have at least 40 percent equity in the property, and occupy the home as the primary residence, among other requirements.
The interest rate for taxes postponed under PTP is seven percent per year. Postponed taxes and interest become due and payable under PTP when the homeowner moves or sells the property, transfers title, defaults on a senior lien, refinances, obtains a reverse mortgage, or passes away.
The State Controller’s team will begin processing applications for the reinstated program on October 1. Funding for the program is limited and is available on a first-come, first-served basis.
The program application and details are on Controller Yee’s website at http://sco.ca.gov/ardtax_prop_tax_postponement.html or by phone at (800) 952-5661
There is a deadline and limited funds. If you need this help apply now!
