Seniors can defer property taxes

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February 16, 2004 // UPDATED 2:55 pm - April 24, 2007
By: Tom Carothers
Tom Carothers

The Minnesota Department of Tax Revenue is offering a little relief to senior citizens having difficulty paying their property taxes.

Through the Senior Citizen Property Tax Deferral program, seniors with a household income of $60,000 or less are eligible for a deferral up to 3 percent of their income.

The Department stresses that this is not a tax forgiveness program. The deferral is basically a low-interest loan (never to exceed 5 percent) that the state pays to the county on the senior's behalf. A lien will be attached to property owned by loan participants and while on the program, all property and income tax refunds will be applied to the loan, as well as lottery winnings.

Qualified applicants must be 65 or over and have owned and lived in their home for at least 15 years. Also, the total of unpaid debts secured by mortgages and other liens against the property must not exceed 75 percent of the accessed property value.

For more information on the Senior Citizens Property Tax Deferral program, call the Property Tax division of the Department of Revenue at 651-556-6088 or log on to www.taxes.state.mn.us.