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California Law (Last Updated: March 4, 2014) |
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Revenue and Taxation Code - RTC |
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Division 2. OTHER TAXES |
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Part 10.5. SENIOR CITIZENS PROPERTY TAX ASSISTANCE AND POSTPONEMENT LAW |
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Chapter 3. Senior Citizens Tenant-Stockholder Property Tax Postponement Law |
Section 20630.
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(a) A claimant may file with the Controller, a claim for postponement from the State of California of a sum equal to, but not exceeding the amount of property taxes (as defined in Section 20629) for the fiscal year for which the claim is made.
(b) Upon verification of the eligibility requirements set forth in Section 20630.5, the Controller shall mail the claimant a Notice of Election to Postpone which shall be in the form and contain such information as the Controller may prescribe. Accompanying the notice shall be a statement explaining that in order for the claimant to postpone all or part of the property taxes, the Notice of Election to Postpone must be mailed to the Controller with the following:
(1) A statement signed by an authorized officer of the cooperative housing corporation indicating the amount of the claimant's proportionate share of property taxes and the method used to compute such amount.
(2) A recognition agreement signed by the claimant and executed by an officer of the corporation which acknowledges the assignment of the proprietary lease and the pledging of the claimant's shares in the corporation as security for postponement, and sets forth the rights and duties of the state, the corporation and the claimant with respect to such stock and the proprietary lease. The recognition agreement shall be in such form and contain such provisions as the Controller shall prescribe.
(3) Any other additional security interest, created and perfected with respect to the rights of third persons in the manner provided by law for such type of security interest, which the Controller deems necessary to protect the interest of the state with regard to the repayment of postponed amounts by the claimant or a deceased claimant's estate.
(c) When the Controller approves the Notice of Election to Postpone, a warrant in the amount of taxes the claimant wishes to postpone shall be mailed to the claimant. All Notices of Election to Postpone shall be mailed to the Controller no later than June 30 of the fiscal year for which postponement is claimed.