The economic downturn resulting from the ongoing coronavirus pandemic has created a burden for many taxpayers in Riverside County, including seniors and disabled homeowners on limited incomes.
Limited options to postpone property taxes are available for some residents under California State law. The state Property Tax Postponement Program allows homeowners who are 62 years of age or older, are blind, or who have a disability to defer current-year property taxes on their principal residence if they meet certain criteria, including at least 40 percent equity in the home, an annual household income of $45,000 or less, and not have a reverse mortgage on the property.
The deferment of property taxes is secured by a lien against the property, which must eventually be repaid. The interest rate for all taxes postponed under the program is five percent per year.
The deadline to apply for the state Property Tax Postponement Program is February 10. Applications will be approved and taxes postponed on a first-come, first-served basis. Typical processing time is six to eight weeks, depending on the volume of applications.
Applications and program details can be found online at the State Controller’s website or by calling 800-952-5661.