Good news for property tax postponement.
With the demands and struggles of everyday life, it’s not always easy to get property taxes in on time. It can be especially hard for seniors and those with a disability. Once suspended property tax postponements are set to return in the fall of 2016.
Tax postponements have fluctuated over the years. Tax postponements had previously been available. However, in February of 2009, the State Controller’s program was suspended. In 2011, the State government took a step toward reinstating the tax postponement program. Assembly Bill 1090 was passed that allows individual counties throughout California to make their own tax postponement programs. Further steps were taken in 2014. On September 28, 2014, Governor Jerry Brown, approved AB 2231 which reinstates the original State Controller tax postponement program statewide with a few modifications.
Although passed in 2014, the new program doesn’t take effect until October 1, 2016. Tax postponements will be available to senior, blind, and disabled citizens, however, they must meet certain requirements. Their annual income must be equal to or under $35,500 and they must have at least 40 percent equity in their homes. Seniors are defined as persons at least 62 years old, and disabled pertains to both mental or physical impairments. Be aware that, to claim any of the exceptions, proof will be required. If you had previously qualified for the postponement program, but no longer qualify, you are unable to be “grandfathered” into the program.
More details about the new law will be released come September of 2016.
If you’re in the process of looking for a new home, make sure you have experts on your side. To get dedicated service paired with top-tier escrow services when closing an escrow deal, contact Brighton Escrow. Our Hermosa Beach, California team is committed to helping you make the most of your escrow process.