Deadline is Feb. 28 for Senior Citizen Real Estate Tax Deferral Program – Shaw Local News Network
Senior citizens with a total household income of no more than $65,000 may wish to take advantage of the Illinois Department of Revenue’s Senior Citizen Real Estate Tax Deferral Program. (Scott Anderson)
Senior citizens with a total household income of no more than $65,000 may wish to take advantage of the Illinois Department of Revenue’s Senior Citizen Real Estate Tax Deferral Program.
The Senior Citizen Real Estate Tax Deferral Program is a State of Illinois sponsored tax relief program that allows qualified senior citizens to elect to defer all or part of the property taxes on their personal residences. The maximum amount that can be deferred (including interest and fees) is 80% of the equity of the property up to a maximum of $7,500. The deferral is similar to a loan against the property’s market value and deferred amounts are “borrowed” from the State of Illinois, which pays the tax bill. A 3% simple interest is charged each year on the deferred amounts, and a lien is filed on the property.
The deferred property taxes do not become due until the:
To qualify for the real estate tax deferral, you must
Filing deadline is Friday, Feb. 28. Applications can be obtained at the La Salle County Treasurer’s Office. Call the Treasurer’s Office at 815-434-8219, option 4, for more information
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Copyright © 2023 Shaw Local News Network