SB 1214 Summary

• Creates a new Senior Citizens and Disabled Citizens Property Tax Postponement Fund in the State Treasury as an interest-bearing account, continuously appropriated to the Controller for program administration and replacing previous impound account arrangements.

• Increases the minimum equity requirement for residential dwelling eligibility from 20% to 40% of full property value, and increases the fee the Controller may charge for lien status statements from $10 to $30.

• Changes the filing deadline for postponement claims from May 15 - December 10 to September 1 - April 10 of the fiscal year, and requires the Controller to make direct electronic funds transfers to county tax collectors instead of issuing certificates of eligibility.

• Expands notification requirements for tax collectors and assessors to report within 60 days property becoming tax-defaulted, property ownership transfers, address changes, or claimant deaths to the Controller.

• Eliminates the ability of claimants whose residential dwellings are voluntarily sold to draw upon sale proceeds to purchase new residential dwellings and secure them with new liens.