CHICAGO (WAND) - An Illinois program allows qualified seniors to defer either all or part of their property taxes and special assessment payments on their principal residences.
The program is called the Senior Citizens Real Estate Tax Deferral Program. It works like a loan and allows seniors to defer as much as $5,000 per tax year, including both first and second installment payments. The deferred money is borrowed from the state, which pays the bill to a county collector's office.
The state said interest on the amount the state pays will accumulate and a lien will be placed on the property for all deferred tax payments and interest. It is then payable after the death of the homeowner and at the time the home is transferred to a new owner, or sooner if the program participant decides to pay off deferred tax payments and interest.
"I encourage all eligible seniors who need help in paying their property taxes to look into this program as the March 1 deadline is quickly approaching,” Illinois Department of Revenue (IDOR) Director David Harris said.
A property owner must meet the following conditions to qualify:
- be 65 years of age or older prior to June 1 of the year that the application is being filed with the County Collector's Office,
- have a total annual household income of no more than $55,000,
- have owned and occupied the property or other qualifying residence for at least the last three years,
- own the property, or share joint ownership with a spouse, or be the sole beneficiary, or the property owner and spouse be the sole beneficiaries of an Illinois land trust,
- have no unpaid property taxes and special assessments on the property, and
- have adequate insurance against fire or casualty loss.
Seniors can apply by contacting their local county collector's office, through which they can receive an application. The application then needs to be filed with the collector's office on or before March 1 of each year if the applicant want to defer property taxes or special assessments.
More information can be found here or by contacting a local county collector's office.
