"OREGON PROPERTY TAX DEFERRAL FOR DISABLED OR SENIOR CITIZENS" PROGRAM
State of Oregon, USA.
"As a disabled or senior citizen, you can 'borrow' from the State of Oregon to pay your property taxes to the county."
The Oregon Department of Revenue will pay seniors’ county property taxes each year. This is possible due to a lien placed on the senior homeowner’s property. The Oregon Department of Revenue will become a security interest holder. Property taxes, interest and fees must be repaid before the lien on the property will be released.
The “Oregon Property Tax Deferral for Disabled or Senior Citizens” Program is a program that provides senior housing assistance. Seniors on fixed incomes may find the program useful in that it frees up income for other necessary expenses, however seniors may want to speak to an accountant or financial advisor first before enrolling in the program.
Seniors must meet the following requirements to be eligible for the senior property tax program:
-62 years old or a disabled citizen, who’s receiving or is eligible to receive federal Social Security disability benefits.
-Must own or be buying property.
-Have a recorded deed or sales contract in their name and may have a revocable trust.
-Not have a life estate interest in the property.
-Have owned and lived on the property for at least five years. If they lived away from the property due to medical reasons
-Have homeowners insurance that covers fire and other casualties.
-Household income must be less than the limit, which is subject to change yearly.
-Net worth is $500,000 or less not including value of the home and personal property.
-There is no reverse mortgage.
Seniors can be disqualified for the “Oregon Property Tax Deferral for Disabled or Senior Citizens” Program when:
-They sell the property or it changes ownership for example if the property is deeded to their children.
-When a senior permanently moves out from the property for non-medical reasons.
-When the applicant dies.
-When the property is moved out of state, such as manufactured structures or floating homes.