Property Tax Postponement Program April 19, 2016 State Controller’s Office Natalie Sidarous, Chief Bureau of Tax Administration
Overview • Highlights of changes to the program • New payment method • Tax bills – what PTP can cover • Legislation • Outreach & contacts • Q & A
Program Change Highlights • Changes to eligibility requirements – 40% equity, income, no mobile/floating homes or house boats • Limited funding, applications approved on first come, first served basis • Amounts collected must support costs of administration as well as loan amounts
Program Change Highlights, continued • Amount due on PTP loan must now be included in the minimum bid at tax sale • Simple interest rate now set at 7% • Begin accepting applications October 1, 2016 • Application filing period is October 1- February 10 of each year
New Payment Method • New loans will be paid via electronic funds transfer (EFT) directly to county • SCO hopes to make 6-8 payments per FY, during and shortly following the filing period • Timing/frequency may depend on funding availability
Tax Bills What will the PTP loan amount include? • All ad valorem property taxes for the current fiscal year • Fixed Charges and Special Assessments (Possible exception of PACE loans) • Escape Assessments charged in the current fiscal year • Corrected or supplemental tax bills on case-by- case basis, if submitted within the filing period
Tax Bills, continued What the PTP loan amount will not include: • Delinquent penalties, costs, fees, and interest accrued in the current fiscal year. (RTC 20645.5) (Counties are required to waive if application filed timely) • Defaulted taxes (RTC 20584) • Most likely, the loan amount will not include PACE Loans
Legislation AB 1952 (Gordon) includes: • An option to allow the Controller to request additional funds when needed • Minor technical cleanup and conforming changes • Will require SCO to provide copy of Notice of Lien to the Tax Collector and Assessor
Legislation, continued • Modifies the existing requirement that Tax Collectors and Assessors maintain a record of PTP accounts, states this should be done in a manner they determine appropriate so they can notify the SCO of collection triggers
Outreach • FAQs – updated as information becomes available • Public contact Information: 800-952-5661 or postponement@sco.ca.gov • Flyer – on SCO website, emailed to all counties. Available in English & Spanish
Outreach, continued • Contacted all TTCs, Assessors, and Recorders to get identify a PTP contact • Will provide counties application packets when available, and offer training • Collecting a mailing list of requests for applications from potential applicants • Will work with a number of advocacy organizations, newsletters, events, etc
Contacts Natalie Sidarous, Chief Lindsey Ross, Manager Bureau of Tax Administration & Property Tax Postponement Government Compensation Section 916-322-7453 916-322-3881 nsidarous@sco.ca.gov lross@sco.ca.gov Charlene Castañeda, Specialist Property Tax Postponement Section 916-322-7331 ccastaneda@sco.ca.gov
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