When you sell the property or it changes ownership.

You may pay all or part of your deferral account and continue to defer current and future taxes. All persons in a household who are related to the householder are regarded as members of his or her family. Deferral accounts do not accrue compound interest, which means interest is computed on previous interest in addition to the deferred tax amounts. Unemployment Compensation for Federal Employees UCFE. Oregon Property Tax Deferral for Disabled and Senior Citizens, 150-490-015 Rev.

The 6 percent interest is simple, meaning that the interest computes yearly against the deferred tax amounts. Others relatives or friends may also make payments on your account if you do not object. Payments are applied first to accrued interest, then to past deferred taxes, and then to lien fees. You continue to meet the other deferral qualifications. The department calculates interest annually after paying the deferred property taxes to the county usually November 15.

When you sell the property or it changes ownership. You continue to meet the qualifying requirements of the deferral program. As a surviving spouse you may also choose to pay the deferral account in full by August 15 of the following year.