- Introduced -
SB 902 - This act will enable senior citizens sixty-two years or older to delay paying property taxes on their residences. The taxes plus interest, must be paid when the owner dies or sells the property, moves, or the property changes ownership. The income limit to qualify for the deferral is thirty-two thousand dollars. Beyond that amount, the amount the owner can defer is phased out at a rate of fifty cents per dollar made over thirty-two thousand dollars, until their income reaches twice this limit.
A senior citizen who has qualified for and deferred his or her property tax in a prior year and who for some reason fails to defer a property tax due in a subsequent year can apply to retroactively defer the tax due up to one year later.
If a senior citizen's income exceeds the limit of thirty-two thousand dollars, that portion of tax which they are not able to defer which resulted from an increase in their property tax beginning in the calendar year after their sixty second birthday will be eligible for deferral.
The act establishes eligibility criteria for the taxpayer and the property for participating in the deferral.
All deferrals of tax will result in a lien to be held by the Department of Revenue against the property of the taxpayer. The lien will be for the amount of the property tax as estimated by the Department of Revenue plus interest to accrue at six percent per annum.
JEFF CRAVER