Budget Cuts Leave Seniors Using Property Tax Deferral Stranded

NewImage.jpgNearly 94 senior citizens in San Mateo County California are in a tough spot after a state program allowing those on fixed incomes to defer paying their property taxes was canceled.

The San Francisco Examiner is reporting the program, which functioned similarly to a reverse mortgage, would put a lien on the house, and the outstanding property taxes would be paid once the house was sold.

The $12 million program was killed as part of 2009 budget cuts, but many seniors are only now discovering they’re no longer enrolled, after receiving fines for not paying their property taxes on time.

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County Deputy Tax Collector-treasurer Sandie Arnott said many of the seniors may face losing their homes because they hadn’t budgeted for the tax. “It’s absolutely heartbreaking because a lot of the people are on fixed income, they’re disabled, sometimes they’re blind, and now they’ve been hit by this,” Arnott said.

Peninsula seniors scramble after tax program cut

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  • As more states begin dealing with their deficits, programs of this nature may dry up. For the few who have HECMs and have taken advantage of these programs, we can only expect to see more HECM technical defaults.

  • As more states begin dealing with their deficits, programs of this nature may dry up. For the few who have HECMs and have taken advantage of these programs, we can only expect to see more HECM technical defaults.

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