Property tax postponement.

Existing law authorizes a claimant to file a claim with the Controller to postpone the payment of property taxes that are due on the residential dwelling of the claimant pursuant to the Senior Citizens and Disabled Citizens Property Tax Postponement Law, the Senior Citizens Tenant-Stockholder Property Tax Postponement Law, the Senior Citizens Manufactured Home Property Tax Postponement Law, and the Senior Citizens Possessory Interest Holder Property Tax Postponement Law. Existing law, for purposes of these laws, does not allow a postponement of property taxes if the claimant's household income exceeds $35,500. Existing law continuously appropriates revenues in the Senior Citizens and Disabled Citizens Property Tax Postponement Fund for, among other things, disbursements relating to the postponement of property taxes pursuant to these laws. Existing law requires property tax postponement payments, from the time a payment is made, to bear interest at the rate of 7% per annum. This bill, beginning July 1, 2020, would lower the rate of interest on property tax postponement payments from 7% per annum to 5% per annum. The bill would revise the income limitations to instead provide that a claimant's household income cannot exceed $45,000, compounded annually, as provided. Because this bill would provide for additional expenditures from the Senior Citizens and Disabled Citizens Property Tax Postponement Fund, a continuously appropriated fund, it would make an appropriation.