Illinois Department of Revenue Property Tax Relief for Seniors – Cardinal News

Real Estate Tax Deferral Program for Seniors

Old house to maintain (PHOTO CREDIT: LL Bartlett/pixabay).

By Zeta Cross | The central square donor

(The Center Square) — For seniors on fixed incomes, paying property taxes may be the only obstacle forcing them to move or sell their home.

This is one of the reasons eligible Illinois seniors can apply for property tax relief through the Illinois Seniors’ Real Estate Tax Deferral Program. said Maura Kownacki of the Illinois Department of Revenue’s communications office.

“For seniors who need help, it’s a wonderful program,” Kownacki told The Center Square. “It’s financial security. It’s a great option to have.

The program allows eligible seniors to defer up to $5,000 per tax year, including first and second installments. It works like a loan with an interest rate of 6%. Full or partial payments are borrowed from the state. The state pays the municipality on behalf of the owner. A lien is placed on the house. If the house is sold or the owner dies, deferred taxes and interest are paid on the proceeds from the sale of the house.

The senior also has the option of repaying deferred taxes in advance.

Illinoisans on average pay the second highest property taxes in the nation.

The deadline to apply for the program is March 1. Kownacki advises anyone interested to visit www.tax.illinois.gov for more details.

County collector offices have staff who are ready to help people with the application.

To be eligible for the program, the senior must have reached the age of 65 before June 1, 2022 and must have owned the home for at least three years.

The borrower can request total or partial tax deferrals, not exceeding $5,000 per year. The borrower’s household income cannot exceed $55,000 per year. If the husband is 65 and his younger spouse is still working, their combined income cannot exceed $55,000.

To apply, borrowers cannot have an outstanding property tax balance. They must take out adequate home insurance against fire or damage.

Interested seniors are encouraged to call their county collector’s office to obtain an application. The application must be filed with the tax collector’s office by March 1 of each year they wish to defer their property taxes or special assessments.

The IDOR website www.tax.illinois.gov has more information.

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