Riverside County homeowners contending with financial hardships may be able to defer their property tax obligations, but the deadline to apply for a deferment is Feb. 10, so residents should not delay determining their eligibility, officials said Tuesday.
"Some of our most vulnerable residents, seniors and disabled homeowners on limited incomes, may be eligible for this state program to postpone their taxes,'' county Treasurer-Tax Collector Matt Jennings said.
The Property Tax Postponement Program is available to residents 62 years and over, and those who have permanent disabilities, but recipients must have a minimum 40% equity stake in their homes and cannot have earnings exceeding $45,000 a year. Additionally, an applicant cannot be locked into a reverse mortgage.
The program has a cap on applicants each year, and even if residents meet all the criteria, it's no guarantee they will receive a postponement in the current tax year, according to the California State Controller's Office.
Officials further pointed out that a postponement does not equal forgiveness. The deferred tax obligation will still have to be amortized in the ensuing years, and unpaid amounts will accrue interest at 5% annually.
