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-
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