A new property tax deferral program was provided by the Washington Legislature. It allows homeowners of any age, who qualify by household income, to defer half of their taxes each year. The state would pay the taxes and interest will accrue and become a lien on the property until transfer or other payment removes the lien. NOTE: This program differs from the Property Tax Deferrals for Senior Citizens and Disabled Persons program.
- Applicant must own and reside in the home
- Applicant must have owned the home five years
- Combined disposable income of the household less that $57,000
- The first half taxes must be paid
- The total deferral cannot exceed 40% of the owner's equity
- There is NO age or disability requirement
Complete the Deferral Application. If you need assistance completing this form, please call our office at (360) 397-2391 The application is due in the Assessor's Office September 1st Proof of equity in your home will be required
- If approved, second half taxes will be paid by the state
- The interest rate is a variable rate based on an average of the federal short term rate plus 2%
- For taxes deferred in 2008, the interest rate will be 7%
- A lien will be filed to assure repayment to the state upon sale of the property
For more information, see the Department of Revenue brochures Property Tax Deferral for Homeowners with Limited Income and Interpretations for the Limited Income Deferral Program.