Property tax postponement: residential dwelling: minimum equity.

The Senior Citizens and Disabled Citizens Property Tax Postponement Law authorizes the Controller, upon approval of a claim for the postponement of ad valorem property taxes, to directly pay a county tax collector for the property taxes owed by the claimant on the claimant's residential dwelling, as provided. Existing law requires the owner's equity interest in the residential dwelling to be at least 40% of the full value of the property at the time the claimant or authorized agent files an initial postponement claim in order to be eligible to participate in the postponement program. This bill would instead require, if there is more than one other encumbrance against the property at the time of initial postponement, the owner's equity interest to be at least 40%, and if there is one or fewer other encumbrances against the property at the time of initial postponement, the owner's equity interest to be at least 20%. The bill would also make a conforming change to a related provision.