Grundy Reporter

The Senior Citizens Real Estate Tax Deferral Program in Illinois is now accepting applications from seniors seeking relief from property taxes on their primary residences. This program allows eligible seniors to defer up to $7,500 of their annual property taxes, aiming to alleviate financial burdens.

Interested applicants must submit their applications by March 1st at their local County Collector’s Office. The deferral can cover both installments of the annual property tax bill. The deferred amount is funded by the state and paid directly to the county collector’s office.

According to the program's details, "the deferred property taxes are subject to a 3% simple interest rate per year." Additionally, a lien will be placed on properties for all deferred payments and accrued interest. Interest becomes payable upon certain conditions such as the homeowner's death, transfer of the home, or early repayment of deferred taxes.

Eligibility criteria require applicants to be at least 65 years old before June 1 of the application year and have an annual household income not exceeding $65,000. Applicants must also have owned and occupied their homes for a minimum of three years and have no outstanding property taxes or special assessments. Furthermore, adequate insurance against fire or casualty loss is necessary.

To apply, eligible seniors should contact their local County Collector’s Office for application forms. Completed forms need submission by March 1 each year that deferral is sought.

For further inquiries or information regarding this program, seniors are advised to reach out directly to their respective County Collector’s Offices.