SPRINGFIELD, IL (Chambana Today) – The Illinois Department of Revenue (IDOR) is reminding senior citizens about the availability of the Senior Citizens Real Estate Tax Deferral Program. This valuable program, designed to assist qualified seniors, allows them to defer all or part of their property taxes and special assessment payments on their primary residences. The deadline to apply for the program this year is March 1.

The Senior Citizens Real Estate Tax Deferral Program works like a loan where deferred amounts, including interest and lien fees, are borrowed from the state. The maximum amount that can be deferred is 80% of the taxpayer’s equity interest in the property, with a cap of $7,500 each year. The state pays the tax bill to the county collector’s office, and interest accumulates on the deferred amounts. A lien is placed on the property for all deferred tax payments and interest. The interest rate is three percent simple interest per year, which is payable upon the homeowner’s death, when the property is transferred, or sooner if the homeowner chooses to pay the deferred taxes and interest before then.

“We encourage all eligible seniors who need help in paying their property taxes to look into this valuable program,” said David Harris, Director of the Illinois Department of Revenue. “The deadline is March 1, and all applications must be submitted to the county collector’s office.”

To qualify for the Senior Citizens Real Estate Tax Deferral Program, seniors must meet the following criteria:

  • Be 65 years of age or older prior to June 1 of the year they are applying.
  • Have a total annual household income of $65,000 or less.
  • Have owned and occupied the property or a qualifying residence for at least the last three years.
  • Own the property, share joint ownership with a spouse, or be the sole beneficiary of an Illinois land trust.
  • Have no unpaid property taxes or special assessments on the property.
  • Have adequate insurance against fire or casualty loss.

Seniors who wish to apply must contact their local county collector’s office to obtain the necessary application. Applications must be filed by the March 1 deadline every year they wish to participate in the program. No extensions will be granted.

For more information or to apply, seniors can visit IDOR’s website at tax.illinois.gov or reach out to their local county collector’s office.