So you’re retired, on Social Security & Medicare, income significantly reduced, but at least the mortgage is finally paid off, and you’re looking forward to being able to spend your silver years in the comfort of your own home. Well, maybe not. Why? The inevitability of rising property taxes. Unlike mortgage payments, property taxes never end and usually increase from year to year. But all is not lost for seniors struggling to pay property taxes, because the State of Oregon has provided a possible way out. It’s called The Senior Program and may just make the difference between retaining or losing a home. Check out the following details and pass along the information to anyone you think could benefit from the program.
The Senior Program was established by the Oregon Legislature to allow qualifying citizens to borrow money from the state to pay local property taxes.
To qualify: If you are single, you must be 62 years or older by April 15 of the year you file the application.
- Your household income must be less than $39,500.
- All joint applicants must own or be buying the property together.
- You must have a recorded deed to the property.
- You may have a revocable trust.
- You must live on the property.
- You may live away from the property because of medical reasons.
Note: A $55 fee will be charged to your account for the Department of Revenue to become a security interest holder.
The cost of the lien will be deferred.
To repay the deferred taxes:
The deferred taxes must be paid when the property is disqualified from the program.
- When you sell the property or it changes ownership.
- When you move permanently from the property for nonmedical reasons.
- When the applicant dies.