What is a property tax deferral?

The Oregon Legislature set up programs that allow qualifying property owners to delay paying property taxes on their residence, including manufactured homes, houseboats, multifamily, and income-producing properties. If you qualify for one of the deferral programs, the state will pay your property taxes to the county. A lien will be placed on your property. You will be charged lien recording fees, which are deferred. Interest on the deferred taxes, at 6% per year, is also deferred. The taxes must be paid, with interest, when the owner dies or sells the property, moves or changes ownership.