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2014-01-30

CAD defines deferred property tax payments

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Texans ages 65 years or older or who are disabled as defined by law may postpone paying current and delinquent property taxes on their homes by signing a tax deferral affidavit at the Central Appraisal District of Bandera County, 1206 Main Street.
Once the affidavit is on file, taxes are deferred - but not cancelled - as long as the owner continues to own and live in the home. Taxes accumulate with 8 percent interest per year. The law extends the tax deferral to the surviving spouse of the person who deferred taxes on the homestead if the surviving spouse was at least 55 years old at the time of the spouse's death.
A filed tax deferral affidavit keeps homeowners from losing their homesteads because of delinquent property taxes. A pending sale to foreclose on the homestead's tax lien will also cease as a result of filing a tax deferral affidavit.
In addition, once an affidavit is filed no taxing unit can initiate or continue a lawsuit to collect delinquent taxes. There are no penalties on delinquent taxes during the deferral period; however, a tax deferral does not cancel penalties that were already due.
All deferred taxes and interest become due when the homeowner or surviving spouse no longer owns and lives in the home. If the tax debt remains unpaid at that time, penalties may be imposed and taxing units may take legal action to collect the past due amount.
For further details about property tax deferral, contact Debbie Prevalte at the Central Appraisal District of Bandera County at 830 796-3039. Information is also available on the Comptroller's Property Tax Assistance Division's website, www.window.state.tx.us/taxinfo/proptax.