Senior Property Tax Postponement Program – applications now available

September 6, 2016 – Tina M. Vernon, Nevada County’s Treasurer & Tax Collector is pleased to announce that the State Controller’s Property Tax Postponement Program has returned after being suspended by the State Legislature in 2009.  The program allows homeowners who are 62 or older, blind, or have a disability,  to defer current-year property taxes on their principal residence if they meet certain criteria including 40 percent equity in the home and an annual household income of $35,500 or less.  Applications became available September 1, 2016 and can be found at the Nevada County Treasurer & Tax Collector’s Office or online at http://www.sco.ca.gov/ardtax_prop_tax_postponement.html

The State Controller’s Office will begin accepting applications on October 1, 2016 through February 10, 2017.  Funds are limited and applications will be approved on a first come, first serve basis.

The interest rate for taxes postponed is 7% per year as compared to 18% per year for delinquent taxes.  Repayment under this program becomes due when the homeowner:

• Moves or sells the property;
• Transfers title;
• Defaults on a Senior lien;
• Refinances; Dies; or
• Chooses to obtain a reverse mortgage.

For more detailed program information, contact the Tax-Collector’s office at 530-265-1285 or email TTC@co.nevada.ca.us  or the State Controller’s Office toll-free at (800) 952-5661, or email postponement@sco.ca.gov.