Property Tax Postponement Program Reinstated

 

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By Staff Reports

(Victor Valley) — San Bernardino County Tax Collector Oscar Valdez announced today that the State Controller’s Office has reinstated the Property Tax Postponement Program after it was suspended by the legislature in 2009 due to lack of funding.  Similar to the original Property Tax Postponement Program established in 1978, the reinstated program allows low-income seniors and disabled individuals to defer their residential property tax payments for current-year taxes.

“I am pleased that the State has made it a priority to fund the Property Tax Postponement Program once again,” stated Valdez. “This program will help some of San Bernardino County’s most vulnerable citizens, and provide them with a sense of security that they will be able to remain in their family home.”

Applications for the reinstated program will be accepted beginning October 1, 2016.  To qualify for this program, a homeowner must meet all of the following criteria: 1) be at least 62 years of age, or blind, or disabled; 2) own and occupy their property as their principal place of residence; 3) have a total household income of $35,500 or less; 4) have at least 40% equity in their property; and 5) does not have a reverse mortgage on their property.  Program participants must reapply for the program each year and demonstrate they continue to meet eligibility requirements.

The interest rate for taxes postponed under the Property Tax Postponement Program is 7% per year.  Postponed taxes and interest become due and payable under this program when the homeowner moves or sells the property, transfers title, defaults on a senior lien, refinances, obtains a reverse mortgage, or passes away.

Funding for the program is limited, and applications will be processed on a first-come, first-served basis.  Our office has applications immediately available at 268 West Hospitality Lane in San Bernardino.  Applications are also available online at www.sco.ca.gov under the Public Services tab, or by calling 800-952-5661.

 

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