Bronson Rueda, deferral program manager at the Department of Revenue, said in a statement that for taxes to be paid in November, taxpayers need to meet the April 15 deadline. This applies to participants who received re certification forms by mail in February and new applicants for deferral. If forms are not submitted by the deadline, property taxes will have to be paid this year.
The deferral program allows eligible senior citizens and people with disabilities to have the state of Oregon pay property taxes on their behalf until they move, sell their home, or die. Eligibility criteria must be met. A lien is placed on the participant’s home, and all taxes, interest, and fees must be repaid before the lien is removed. Oregon's deferral programs have approximately 6,300 active participants.
Program participants must meet all of the following criteria:
* Be either at least 62 years old or a disabled citizen receiving or eligible to receive federal Social Security disability benefits.
* Own or be in the process of buying the property, have a recorded deed or sales contract in their name, or have a revocable trust, and have lived on the property for at least five years.
* May not have a life estate interest, which enables a person to reside on the property, but automatically transfers ownership upon death.
* Carry homeowners insurance.
* Have a household income of less than $43,000. This includes all taxable and non-taxable income for the applicant(s) and spouse(s).
* Have a net worth of $500,000 or less, not including the value of the home in the program or personal property.
* Either have no reverse mortgage, or, if they have a reverse mortgage, they need to have been in the deferral program prior to 2011.
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