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About The independent. (Vernonia, Or.) 1986-current | View Entire Issue (April 1, 2004)
The INDEPENDENT, April 1, 2004 Page 5 April 15 deadline for senior, disabled property tax deferral filings April 15 is the filing deadline for the Disabled Citizen Proper- ty Tax Deferral Program and the Senior Citizen Property Tax Deferral Program. Applications and information are available from your county assessor’s of- fice or on the Oregon Depart- ment of Revenue Web site, <www.dor.state.or.us>. Both deferral programs allow qualified taxpayers to defer payment of the property taxes on their homes. The state pays the taxes to the county, main- tains the account, and charges six-percent simple interest, which also is deferred. The tax- es become due when the tax- payer receiving the deferral dies, sells the property, ceases to live permanently on the prop- erty, or the property changes ownership. To qualify for either program, the taxpayer must live on the property that is the taxpayer’s principle residence and must have a deed or recorded sales contract. Total household in- come must be less than $33,000 for the year before ap- plication. Participants may re- main on either program as long as their federal adjusted gross income does not exceed $33,000. If a participant’s in- come exceeds the $33,000 lim- it, part of the taxes still may be deferred. Participants can move in and out of the pro- grams if their income changes. In addition to meeting the in- come limitation and property ownership requirement, dis- abled persons must be receiv- ing or be eligible to receive fed- eral Social Security Disability benefits to qualify for the Dis- abled Citizen Property Tax De- ferral Program; senior citizens must be 62 years old or older by April 15 to qualify for the Se- nior Citizen Property Tax Defer- the household income limit in- creased by $2,100 to a new maximum of $67,900. In Ben- ton County the annual house- hold income limit increased by $1,600 to a new maximum of $67,400. In all other counties throughout Oregon the annual household income limit in- creased by $2,300 to a maxi- mum of $58,600. The Residential Loan Pro- gram helps eligible home buy- ers increase their purchasing power by offering below-market interest rates and closing cost assistance when financing a home purchase. The program is made possible through the sale of tax-exempt bonds is- sued by OHCS. To qualify in most counties, the home buyers may not have owned and occupied a home three years prior to closing the program loan. This requirement is waived in Baker, Clatsop, Coos, Crook, Harney, Jeffer- son, Josephine, Klamath, Lake, Malheur, Union, Wallowa and Wheeler Counties. For more information, see www.oregonbond.us or call OHCS at 1-877-ST8-BOND (1- 877-788-2663) or 1-503-986- 2047. paired only), the toll-free num- ber in Oregon is 1-800-886- 7204. In Salem the TTY num- ber is 503-945-8617. The TTY number is answered by ma- chine only; a representative will return the call. Home. Improvement. State home loan program offers record low interest and higher income limits Oregon Housing and Com- munity Services (OHCS) has announced increased pur- chase price and household in- come limits for its Residential Loan Program. The state-spon- sored home loan program, also known as the “Oregon Bond Loan Program,” currently offers qualified home buyers a record low interest rate of 4.50 percent for a thirty year fixed rate loan. “More homes and house- holds than ever before qualify for our program, putting home ownership within reach for more low and moderate in- come households,” said Bob Repine, OHCS Director. To qualify, the price of the home must be below the pro- gram’s applicable purchase price limits (Acquisition Cost Limits), which vary by county. The increases were made pos- sible by new limits published by the Internal Revenue Service (IRS). The IRS also simplified the purchase price limits by no longer requiring separate limits for newly constructed and ex- isting homes. The newly adopted maxi- mum annual household income limits also vary. In Columbia, Clackamas, Multnomah, Yam- hill and Washington Counties ral Program. For additional information, contact the Department of Rev- enue tax services line at 503- 378-4988 or 1-800-356-4222 (Oregon only). Spanish speak- ers may call 503-945-8618. For TTY (hearing or speech im- Make Any Dream A Reality With An EquiLine Home Equity Line Of Credit From U.S. Bank. % 3.75 APR* NO CLOSING COSTS Close in as few as three days! There’s no better time to put the hard-earned investment you’ve made in your home to work for you. With an EquiLine home equity line of credit you can make home improvements or major purchases or pay off high interest bills. 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