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Assessment Deferrals
To assist low-income property owners, the SAFCA Board of
Directors has established a special Assessment Deferral Program (ADP).
How does deferral work?
If you qualify, your
assessments can be deferred until the property is sold. However, a lien will be
placed against the home and interest will accrue on the deferred assessment at
the annual rate of 6%. Only the amount of the deferred assessment will be
removed from your tax bill for the year.
If the property owner dies, or is disabled, the deferral account can be
transferred to a direct relative (spouse, child, grandchild, etc.) and repayment
will be required when the property is sold to a non-relative.
The deferral is only valid for one year; therefore, you must be re-qualify
each year.
Do I qualify?
To qualify for the ADP, you must meet the following
requirements:
- Total Gross family income cannot exceed $26,000.
- You must have a minimum of $5,000 equity in your
property during the first 5 years of participation in the ADP.
- After 10 years of participation in the ADP, you must have a minimum of
$7,500 equity in your property.
How do I apply?
Each year in May you will receive an
application to apply for deferral by July 1st for the next year's assessment.
When are deferred assessments due?
All deferred assessment payments, plus interest, are due and
payable to SAFCA when any of these events occur:
- The person who claimed the deferral dies (amount
deferred can be transferred to a direct relative).
- The ownership of the property changes to a non-relative.
Links to document samples:
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