Ignite FB Tracking PixelWhat you should know about property tax deferment - Peter Antonian
CENTURY 21 Showcase, REALTORS®
Peter Antonian, CENTURY 21 Showcase, REALTORS®Phone: (831) 200-6408
Email: [email protected]

What you should know about property tax deferment

by Peter Antonian 01/09/2023

In real estate, a property tax deferment means a temporary delay in property tax payments for qualifying properties and homeowners. While there are other types of tax deferral options, property taxes come with their own set of rules and special terminology. Here are some key things to consider about property tax deferments:

How it works

Deferring your property taxes means putting off regular payments. While you don't have to pay your property taxes, a tax lien will be placed on the property and the unpaid amount will continue to gain interest. When the deferment period ends, the owed amount must be paid in full for the lien on the property to be removed.

How you qualify

Seniors and people with disabilities can often qualify for a property tax deferment from their local governments. As long as the qualified homeowner is using a property as a primary residence, they can defer taxes either until the end of their life or the sale of the property. Each state has different rules, so it's important to investigate what your individual opportunities might be for tax deferment.

Why it matters

Property taxes are a major expense for homeowners of any age, but can become a burden for those without regular income, either due to retirement or disability. Therefore, it can be beneficial to defer property taxes and lower regular expenses to preserve savings and income.

While the taxes must eventually be paid for the lien on the property to be removed, deferment can save qualified homeowners thousands of dollars. If you're interested in learning more about how tax deferment might apply to you, consider reaching out to a financial consultant or tax professional.

About the Author
Author

Peter Antonian

As a resident of the Monterey Peninsula since 1991 and former soldier of both Fort Ord and the Presidio of Monterey, Peter is familiar with all our local communities. Outside of real estate he enjoys time with family and friends, volunteering at the American Legion Post 41, and playing golf.

Peter joined CENTURY 21 Showcase, REALTORS® after a tenured career in Corporate America leading and training teams. A recent college graduate with a business degree, along with a great sense of humor, he is looking forward to putting his knowledge to work for you.

Call Peter so he can help you achieve your homeownership dreams!