By Matt Murren
There is some welcome news for people who pay property taxes in the state of Washington. The state has enacted some regulations that will help certain property owners defer their property taxes. Basically, the property tax relief program allows homeowners to defer half of their taxes each year as long as they qualify for the program by meeting certain requirements.
Some of the requirements that are necessary in order to obtain this tax relief from the state are listed here. First of all, the applicant must have owned his or her home for the past five years and must be a current resident living in the home.
The combined household income cannot be more than $57,000.00. Also, the first half of the property taxes must be paid by the homeowner and the tax deferral cannot be more than 40% of the equity in the home. The program has no age restriction and having a disability is not a requirement.
In order to get the process started, it is essential that the homeowner complete a Deferral Application, which is available on the Clark County website. Assistance can be received by calling 360-397-2391. One important document that must be provided is a copy of something showing the amount of the home's equity.
Then, the necessary paperwork must be completed and all required documentation must be attached to the application. This will make the process run more smoothly and an answer should be received quite quickly.
If and when an applicant is approved, the state of Washington will pay the second half of the applicant's property taxes. Interest will be charged by the state and is generally based on the federal short term interest rate plus about 2%. A lien will be placed on the property and won't be removed until repayment has been made by the taxpayer.
Washington State's property tax relief program is one way for a homeowner to delay paying taxes until it is more feasible. This helps property owners to get through the hard times and have a chance to re-think their financial situation. Additional information on this program can be obtained by contacting the Department of Revenue.
Matt writes more about Property Tax Relief at http://www.tax-relief-advisor.com
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Washington State Property Tax Relief
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