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Proposed Law Seeks To Help Seniors, Property Investors

Proposed Law Seeks To Help Seniors, Property InvestorsSANATOGA PA – A proposed law that would let private investors pay the real estate taxes on homes owned by persons age 65 and older, in exchange for partial or full ownership of the property when the owners die or sell it, is expected to be explained today (Thursday, March 27, 2014) by Lower Pottsgrove’s state representative, Mark Painter.

Painter, in a statement Wednesday (March 26), said he plans to introduce the legislation titled “the Senior Citizens Property Tax Lien Discharge Act” as a means to offer “comprehensive property tax relief” to older Pennsylvanians. He said he would discuss the measure during educational sessions from 1-4 p.m. at his office at 600 Heritage Drive, Suite 102.

Under the proposal, eligible homeowners 65 and older – regardless of their income or credit but who have no current property tax delinquencies and live in the property as a primary residence – could allow a private investor to pay all or a portion of their property tax bill. The investor would profit by obtaining a future interest in the residence.

Investors could not initiate or pursue a sheriff sale, foreclosure proceeding or otherwise file for a judicial sale on the residence while the qualified homeowner remains in the home. Payment in the amount of the eligible homeowner’s property tax bill would be due at the time of the eligible homeowner’s death or a complete or partial transfer of ownership.

Painter claimed the measure would boost property tax collection rates and reduced the number of seniors’ homes involved in foreclosure proceedings. The Pennsylvania Department of Aging would administer the program.

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