Homeowners on limited incomes can apply to defer paying their second half property taxes due Oct. 31.
The application deadline is Sept. 1, according to the state Department of Revenue.
Potential applicants should have paid the first-half taxes that were due April 30 and their 2009 household income shouldn’t be more than $57,000.
They should have owned the home for at least five years, use it as their primary residence, and have sufficient equity. Deferred taxes cannot exceed 40 percent of equity.
The deferred taxes must be repaid, with interest, when the property is sold or no longer used as the homeowner’s primary residence. The interest rate is 3 percent for 2010.
For more information, check out the DOR publication, Property Tax Deferral for Homeowners with Limited Income www.dor.wa.gov/Docs/Pubs/Prop_Tax/LimitedIncomeDef.pdf, or call 360-570-5900, or contact your county assessor.
— Pratik Joshi: 582-1541; firstname.lastname@example.org; Business Beat blog at www.tricityherald.com.
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