Knowledge Base

•A tax deferral allows elderly taxpayers (over age 65),with annual incomes of less than $30,000 to defer payment on all, or portion, of their property tax. •This deferral is not an exemption. •The amount of the deferral, together with 8% annual interest on the deferred amount, must eventually be repaid when the property is: ?Sold ?Transferred or upon the death of the owner ?The deferral becomes a lien on the property ?A tax deferral should be considered when a taxpayer's current expenses make the continue ownership of his/her home difficult.