Grundy Reporter

Senior citizens 

Senior citizens sixty-five years of age or older who are struggling with property taxes can defer payment of their property taxes until their homes or condominiums are sold.  According to Susan Moylan Krey, the Senior Citizen Tax Deferral Program allows seniors to defer as much as $7,500 of their property tax bill every year.To qualify for the deferral program, seniors must have annual household income of less than $65,000, have equity in their homes that exceeds the sum of property taxes deferred, and have lived in their homes for at least three years.  Two-flats and other properties that generate rental income are not eligible for the program.  Properties held in a trust are also ineligible, although there are some exceptions to this rule. The applications are available on the Cook County Treasurer’s website under the tab labeled Seniors. Applications must be submitted by March 1, 2023.The tax deferral program is essentially a loan from the state that is charged simple interest of 6% per year.  To assure repayment, a lien is placed on the senior’s home that will prevent it from being sold until the loan is paid. Susan advises those interested in the deferral program may apply for other tax benefits available to senior citizens.  “If you are eligible for the deferral, you should also be eligible for the Senior Freeze and the Senior Exemption.  By applying for the other senior benefits, you will reduce your property tax liability, which may reduce the deferred tax that will eventually be repaid.” Seniors with additional questions about the deferral can call the Maine Township Assessor’s office at 224-257-4830. 

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