Senator Janet Nguyen and State Controller Betty Yee are pleased to announce the return of the Property Tax Postponement (PTP) program. The PTP, which was suspended due to budget cuts in 2009, provides California’s senior and disabled homeowners an important fallback taxpayer protection tool. Specifically, the program allows taxpayers who have a higher risk of being unable to afford their property taxes the opportunity to defer payment on their principal residence. Applications are now available.
“I am thrilled to see the state taking meaningful steps to alleviate the tax burden placed on homeowners during times of temporary hardship,” said Senator Janet Nguyen. “It is my hope that qualifying taxpayers in the 34thSenate District will be able to take advantage of the recently reinstated Property Tax Postponement Program.”
The PTP Program has given California homeowners much needed relief during times when they need it the most. In order to qualify, California property owners must be at least 62, blind, or have a disability, earn less than $35,500 annually, and have at least 40 percent equity in their primary residence. Funding for the program is limited, and applications will be processed on a first come first serve basis.
“Through sound fiscal management, California is once again in an economic position to offer this assistance to homeowners in need,” said Controller Yee, the state’s chief fiscal officer. “Property tax postponement offers crucial housing security for some Californians who are struggling to get by. The economic recovery has not reached every individual in every corner of our state, and this program is another tool to help address those inequalities.”
To check your eligibility, apply, or learn more about the program, visit www.sco.ca.gov/ardtax_pr