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What a Good Deal

May 05, 1991

Yikes! Where can I sign up?

I am a disabled homeowner and see from reading your April 21 article on property tax postponement ("Property Tax Deferral Reverses Some Fortunes") that I am eligible to take part in this government program.

Under the PTP program, I would be charged 9% interest on the deferred property taxes. Not as good as, say, 3%, but, hey, if you can't gouge those least able to afford it--homeowners at least 62 years old, or blind or disabled--who can you gouge?

This is the part I like--have I got this right? Seems too good to be true! If I bought my home for $200,000 (I didn't, but let's say I did) and qualified for the program, in 20 years when my home gets sold or I'm worm fodder, the government gets to collect nearly $40,000 in interest on top of over $50,000 in taxes?

Such a deal! Boy, am I in the wrong profession.

JOHN WOOD

Oakland

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