The Senior Citizens Real Estate Tax Deferral Program offers qualified seniors the opportunity to defer property taxes on their primary residences, helping to reduce financial stress and provide peace of mind. Seniors in Illinois may qualify for up to $7,500 in property tax deferral, and applications are now open.

Seniors who need assistance with property taxes should apply by March 1stat their local County Collector’s Office. This program allows taxpayers who qualify to defer a maximum of $7,500 per tax year, which can cover both the first and second installment payments of property taxes. Deferred amounts are borrowed from the state, which will pay the tax bill directly to the county collector’s office.

Key Points:

• The deferred property taxes are subject to a 3% simple interest rate per year.
• A lien will be placed on the property for all deferred tax payments and interest.
• Interest on the deferred amount is due upon the homeowner’s death, when the home is transferred, or if the homeowner decides to pay off the deferred taxes earlier.

Eligibility Criteria: To qualify for the Senior Citizens Real Estate Tax Deferral Program, applicants must meet the following criteria:

• Be 65 years of age or older before June 1 of the year the application is filed.
• Have a total annual household income of $65,000 or less.
• Have owned and occupied the property for at least the last three years.
• Own the property, or share joint ownership with a spouse, or be the sole beneficiary (or both the property owner and spouse as sole beneficiaries) of an Illinois land trust.
• Have no unpaid property taxes or special assessments on the property.
• Have adequate insurance against fire or casualty loss.

How to Apply: Eligible seniors must reach out to their local County Collector’s Office to obtain the application. Completed applications must be submitted to the office by March 1 of each year in which the applicant wishes to defer property taxes or special assessments.

For more information, seniors should contact their local County Collector’s Office directly.