The Senior Citizen Real Estate Tax Deferral Program
Understanding the Senior Citizen Real Estate Tax Deferral Program
The Senior Citizen Real Estate Tax Deferral program is a tax-relief program that works like a loan for seniors struggling to pay their property taxes. It allows qualified seniors to defer a maximum of $7,500 per tax year on their primary home. The loan is from the State of Illinois and is paid back when the property is sold, or upon the participant’s death.
Who Qualifies?
The seniors must:
- Be homeowners who are at least 65 years of age by June 1 of the year in which the applications are made
- Have household income of $65,000 or less
- Have owned and occupied the qualifying property for at least the last three (3) years
- Have fire or casualty insurance for the qualifying property in an amount not less than the amount of the taxes being deferred
- Not owe outstanding property taxes or special assessment
- Have written approval from the spouse, if filing jointly, or Trustee, if the property is held in a qualifying Trust, to participate in the program.
How much will it cost?
3% simple interest per year payable upon death, or at the time the home is transferred to a new owner or sooner, if the participant chooses to pay off the senior-deferral loan.
If I am interested, how do I obtain an application?
Applications are available at the Cook County Treasurer’s Office, online at cookcountytreasurer.com, or at the Maine Township Assessor’s office. Applications must be received by the Treasurer on or before March 1 of the year the taxes otherwise would be paid. State law forbids extensions of time. For further information, you may contact the Treasurer’s office at 312-443-5100.