The Illinois Department of Revenue (IDOR) is reaching out to remind elder residents that the Senior Citizens Real Estate Tax Deferral Program is still an available option for those needing a financial breather when it comes to property taxes. As reported by official sources, seniors living in the Prairie State have until March 1, 2025, to sign up for this program that essentially allows them to defer paying real estate taxes and special assessments, sparing them from the yearly financial sting.
For seniors who qualify, this is akin to a state-paid loan where they can leave up to 80 percent of their property's equity interest taxes in the hands of Illinois, the catch is, though, that a lien is slapped onto their property, and the debt gathers interest—three percent simple interest annually until it's payback time. Yet despite the fine print, Illinois Department of Revenue Director David Harris was quoted saying, "We encourage all eligible seniors who need help in paying their property taxes to look into this valuable program." An encouraging nudge for those who may be sitting on the fence about applying.
Eligibility for the program hinges on several key criteria: applicants must be at least 65 years old before June 1 of the application year, earn no more than $65,000 annually across the household, and have occupied their owned property for three years or more with no outstanding property taxes or special assessments on the tab; additionally, they need to hold the property solely or jointly (with a spouse) or be the sole beneficiary in the case of an Illinois land trust. Above all, to secure the home against unforeseen contingencies, adequate fire and casualty insurance is a must-have.
Elders keen to pocket a little extra change instead of dishing it out for property taxes need to get in touch with their local county collector's office pronto to obtain and file an application by March 1, any procrastination beyond that date and the chance for deferral slips away because no extensions are offered, and reminder, you have to reapply each year to stay in the program. General inquiries can be tossed to IDOR's website or directed at the same county offices known to extend a guiding hand.
