To qualify for either deferral program, your total household income must be less than $55,500 for income tax year 2022. Household income includes both taxable and non-taxable income, including Social Security and pensions. The income limit may change each year.
Your net worth limit is $500,000.
Net worth is the total of the current market value for all of your assets minus any debts. It doesn't include the value of the home for which you're claiming property tax deferral, the cash value of your life insurance policies, or tangible personal property (vehicles, furniture, appliances, clothing, etc.) that you own.
- Real property (other than the property for deferral)
- Checking and saving accounts
- Other investments minus any debts
You must have a recorded deed to the property or you must be buying the property under a recorded sales contract. You may have a revocable trust.
You must own and live in your home for at least five years before April 15 of the year in which you apply for the program, unless you had to live away from it for health reasons.
You must show proof of homeowner's insurance that covers fire and other casualties.
The real market value (RMV) of your home (as shown on the prior year's property tax statement) is limited to a certain percentage of the county median RMV. The limit increases based on the number of years you have owned and lived in the home.
- You don't have a reverse mortgage, or
- You were on the Property Tax Deferral program with a reverse mortgage prior to 2011 or you have acquired a reverse mortgage in years 2011-2016.
You are NOT eligible for a deferral if you have a life estate in the property.
For the Disabled Citizens’ Property Tax Deferral, you must be receiving federal Social Security disability benefits on December 31 of the year before you apply. You must send a copy of your federal Social Security award letter with your deferral application.
For the Senior Citizens’ Property Tax Deferral, you must be at least 62 years old by April 15 of the year you apply.