The California State Controller’s Office recently announced the return of the Property Tax Postponement (PTP) Program. This program allows homeowners who are seniors, blind, or have a disability to defer current-year property taxes on their principal residence if they meet certain income and equity criteria. .
To be eligible for the Property Tax Postponement Program, you must:
- Be at least 62, or blind, or have a disability;
- Own and occupy the home as your primary place of residence;
- Have a total household income of $35,500 or less;
- Have at least 40 percent equity in the property; and
- Other requirements.
The interest rate for taxes postponed under the Property Tax Postponement Program is seven percent per year. Funding for the program is limited, and applications will be processed on a first-come, first-served basis. Only current-year property taxes are eligible for postponement.
To learn how to apply for this program, please visit the California State Controller’s website.