Senior's Avenue

Many of the homeowners in the recent wildfires have been elderly and disabled hence we are posting the following information. In a press release Thursday the Board of Equalization gave notice to property owners in the State of California that they have one year to apply for property tax relief due to loss in the recent wildfires. Victims of the recent wildfires are eligible for a program that temporarily reassess their property to the current value based on its damaged cond...ition thus lowering their property taxes until they can rebuild. To qualify the property owner must file a claim with their county assessor. The property must have at least $10,000 in property damage due to the wildfires for reassessment. The program is open to to people who live in counties where the governor has declared a state of emergency. So far, that list includes Butte, Lake, Napa, Nevada, Orange, Solano, Sonoma and Yuba counties. Once the property owner has rebuilt the property is reassessed by a county official to the value of the property prior to the property damage.

Did you know that if you’re a California property owner and a senior citizen or you are blind or disabled that you might qualify to postpone paying your California Property Tax? The California Property Tax Postponement (PTP) program for low income seniors, the blind and the disabled is available again. The interest rate for taxes postponed under PTP is seven percent per year. Postponed taxes and interest become due and payable under PTP when the homeowner moves or sells the p...roperty, transfers title, defaults on a senior lien, refinances, obtains a reverse mortgage, or passes away. Funding for the program is limited and is available on a first-come, first-served basis. The program application and details are on Controller Yee’s website at http://sco.ca.gov/ardtax_prop_tax_postponement.html or by phone at (800) 952-5661. To download the Property Tax Postponement (PTP) program application go to: http://www.sco.ca.gov//ptp_application_instructions_2016.p FYI it is 20 pages long. If you lack internet access, call the State Controller at: (800) 952-5661. Eligibility requirements for Property Tax Postponement include: 1. The bill has a household, not personal, annual income cap of $35,500. So, if you are a senior and the house is in your name, but your son lives with you and makes $40,000 annually, then you are not eligible. 2. Receiving a reverse mortgage or refinancing your primary residence disqualifies you from being able to participate in the postponement program and you will be forced to repay the amount of property taxes deferred 3. If your primary residence is a mobile home or floating home/houseboat, you are not eligible for the program. 4. You must be 62 years or older to participate 5. You must reapply every year. 6. The residential dwelling subject to postponement must be the primary residence of the senior. To be eligible this dwelling must have at least 40 percent equity of the full value of the property as determined by the Controller. This determination is made annually, meaning individuals may not qualify for the program in a given year. 7. Finally, legislation is pending on Governor Brown’s desk which would make PACE liens ineligible to be postponed under this program. PACE liens are a voluntary loan that homeowners can use to fund energy assistance upgrades. For more information on this, or any other questions you may have, call the Controller at (800) 952-5661.

One of our Preferred Providers in Corona California, Cresencia Care Home. For more information on Cresencia Care Home visit us at https://www.theseniorsavenue.com/

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