(at the request of House Interim Committee on Revenue)
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Bill Title:
Relating to tax deferral programs; and prescribing an effective date.
Catchline/Summary:
Revises homestead property tax deferral program by imposing maximum net worth limit and minimum homestead residence requirement on claimants and maximum real market value limit on homestead. Revises homestead property tax deferral program by imposing maximum net worth limit and minimum homestead residence requirement on claimants and maximum real market value limit on homestead. Denies deferral if deferred homestead taxes of any claimant have been deferred and are delinquent or have been canceled.
Establishes maximum number of claims that may be granted annually to taxpayers who have not previously been granted deferral.
Changes interest on deferred amounts to six percent compounded annually, for property tax years beginning on or after July 1, 2011. Makes Department of Revenue's obligation to pay deferred amounts subject to available funds. Eliminates limit on lien for deferred amounts owed by person with disability.
Discontinues deferral for assessment year if disqualifying circumstance occurs before September 1.
Requires claimants to certify eligibility every second year. Eliminates graduated reduction in deferral for year in which claimant income exceeds eligibility limits. Eliminates department's responsibility to determine claimant income for purposes of deferral program limits.
Eliminates extension of repayment by transferees of homestead. Makes certain transferees jointly and severally liable for deferred amounts to extent of real market value of homestead. Authorizes department to enter into intergovernmental agreement to offset deferred amounts payable by transferees against federal tax refunds. Authorizes department to issue warrants for overdue amounts payable by transferees.
Prohibits homestead on which deferred amounts remain outstanding to be pledged as security for reverse mortgage.
Eliminates annual payments to Oregon Project Independence Fund of certain excess amounts in Senior Property Tax Deferral Revolving Account.
Prohibits claims for deferral for property tax years beginning after July 1, 2021.
Prohibits new claims for deferral of special assessment for local improvements on or after effective date of Act.
Takes effect on 91st day following adjournment sine die.
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