The clock is ticking for Illinois' senior citizens to cash in on a property tax deferral program, a move that could ease the financial burden for those strapped for cash in their golden years. The Illinois Department of Revenue is nudging elders to apply for the Senior Citizens Real Estate Tax Deferral Program, described as a loan that lets seniors defer up to $7,500 of their property taxes and special assessments on their main digs.
The state steps in to settle the bill with county collectors, a gesture that comes with a lien tag along with a modest three percent interest per year. These costs are deferred until the homeowner’s demise, a property transfer, or if a participant decides to wipe their debt clean earlier. "We encourage all eligible seniors who may need assistance in paying their property taxes to look into this valuable program and see if they may benefit," Illinois Department of Revenue Director David Harris said, according to the state's press release.
But, there's no time to dally — the deadline to apply is approaching March 1, 2024. Seniors hoping to hold on to more of their cash must meet certain criteria, including being 65 or older, raking in a household income less than $65,000, and having a three-year tenure in their home, among others. The local county collector's office is the first stop for those looking to fill out an application and get the deferral ball rolling.
For those hitting the books looking for more info, a visit to the Department's website is in order, but they better act fast. Once the March 1 deadline slams shut, it's another year's wait for seniors hoping to keep their purse strings tight and their property tax dues at bay.
