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IL Estate Planning Blog

Tuesday, March 3, 2020

Senior Citizen Real Estate Tax Deferral Program

Senior Citizens Real Estate Tax Deferral Program

 

What is the Senior Citizens Real Estate Tax Deferral Program? The Senior Citizens Real Estate Tax Deferral Program provides tax relief for qualified senior citizens by allowing them to defer all or part of their property tax and special assessment payments on their principal residence. The deferral is similar to a loan against the property's fair market value. Deferred amounts are borrowed from the state, who then pays the tax bill to the County Collector's Office. Interest on the amount paid by the State accumulates and a lien is placed on the property for all deferred tax payments and interest.

 

To qualify for the Senior Citizens Real Estate Tax Deferral Program, you must:

  • be 65 years of age or older prior to June 1 of the year that the applications is being filed with the County Collector's Office; 
  • have a total yearly household income of no more than $55,000.00; 
  • 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 your spouse, or be the sole beneficiary, or you and your 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. 

The deferred tax amounts must be repaid within one year of the taxpayer's death, or 90 days after the property is sold, transferred, or otherwise no longer qualifies for the program. The deferral may be continued by a surviving spouse who is at least 55 years of age within six months of the taxpayer's death.

Interest is charged at the rate of 6% per year for each year that the tax deferment is carried by the State.

 

To enter the program, contact your County Collector's Office to receive an application. Once you have completed the application, you must file it with the Collector's Office on or before March 1 of each year that you wish to defer your property taxes or special assessments.


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With two offices in Oak Lawn and Oak Brook, Stephen M. Sutera assists clients throughout Cook County, DuPage County and Will County IL including Chicago, Hometown, Barrington, Burbank, Burr Ridge, Chicago Ridge, Darien, Downers Grove, Evergreen Park, Geneva, Worth, Bridgeview, Palos Park, Palos Hills, Palos Heights, Hickory Hills, Midlothian, Willow Springs, Oak Forest, Orland Park, La Grange, Brookfield, Berwyn, Tinley Park, Hinsdale, Villa Park, Clarendon Hills, Westchester, Westmont, Lombard, Elmhurst, Western Springs, Berkeley, Downers Grove, Fox Valley, Glen Ellyn, Willowbrook, Aurora, Addison, Lisle, Forest Park, Bensenville, Wheaton, River Forest, Itasca, Shorewood, Frankfort, Mokena, Naperville, Crest Hill, Homer Glen, New Lenox, Bollingbrook, Schaumburg, Channahon and Woodridge.



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