Relief Available for Seniors Struggling With Property Taxes

Relief Available for Seniors Struggling With Property Taxes

(The Center Square) – For seniors on fixed incomes, paying property taxes can be the one hurdle that forces them to move or sell their home.

That’s one reason eligible seniors in Illinois can get relief under Illinois’ Senior Citizen Real Estate Tax Deferral Program, Maura Kownacki of the Illinois Department of Revenue communications office said.

The program allows eligible seniors to defer up to $5,000 per tax year – including both first and second installment payments.

It works like a loan with a 6% interest rate. Full or partial payments are borrowed from the state.
The state pays the municipality on behalf of the homeowner.

A lien is placed on the home. If the home is sold or if the owner dies, the deferred taxes and interest are paid out of the proceeds from the sale of the home.

The senior also has the option of paying off the deferred taxes early.

The deadline to apply for the program is March 1. Kownacki advised anyone who is interested to go to the website for details.