State Controller Betty T. Yee Tuesday reminded Southern California homeowners affected by recent wildfires that they have more time to apply for the Property Tax Postponement program.
Administered by the State Controller’s Office, PTP allows homeowners who are seniors, are blind, or have a disability and who meet income, equity and other requirements, to delay payment of property taxes on their primary residence.
Residents of 31 counties in governor-declared disaster areas — including Los Angeles, San Bernardino and San Diego — now have a deadline of June 1 to apply for 2020-21 PTP.
In the 2019-20 tax year, California homeowners postponed more than $4 million in residential property taxes through PTP. As of Feb. 10, more than $3.6 million had been paid out for tax year 2020-21.
Funding for the program is limited, and applications are processed in the order they are received. Participants must reapply each year and demonstrate they continue to meet eligibility requirements.
The interest rate for all taxes postponed under PTP this tax year is 5%. A lien is placed on the real property, or a security agreement filed for a manufactured home, until the deferred taxes are repaid.
Applications for the 2021-22 tax year will be available in September. Applications and program details can be found online or by calling 800-952-5661.
Source: NBC Los Angeles
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