Senior Citizen Real Estate Tax Deferral Program Available Through Cook County Treasurer’s Officehttps://twp.northfield.il.us/wp-content/uploads/2023/02/Senior-Tax-Deferral-Program-pic-2-1024x701.jpg 1024 701 Gayle Curcio Gayle Curcio https://secure.gravatar.com/avatar/0e64055bb5e1b2e40c728b92071d3677?s=96&d=mm&r=g
Northfield Township Assessor Alida E. Nally, CIAO, wants to make residents aware that the Cook County Treasurer’s Office administers a program called Senior Citizen Real Estate Tax Deferral Program that aims to help keep senior residents in their homes.
The deadline to apply is March 1, 2023.
The Senior Citizen Real Estate Tax Deferral program is a tax-relief program that works like a loan. It allows qualified seniors to defer a maximum of $7,500 per tax year (this includes 1st and 2nd installments) on their primary home. The loan from the State of Illinois is paid when the property is sold, or upon the death of the participant.
- Homeowners who are at least 65 years of age by June 1 of the year in which the applications are made.
- Those whose household income is $65,000 or less.
- Surviving spouses of previously approved applicants who are at least 55 years of age within six months of the taxpayer’s death.
- Those who have owned and occupied the qualifying property for at least the last three years.
- Those who have fire or casualty insurance coverage for the qualifying property in an amount not less than the amount of the taxes being deferred.
- Those who do not owe outstanding property tax or special assessments.
How much will it cost?
- 6% simple interest per year payable upon death, or at the time the home is transferred to a new owner or sooner, if the participant chooses to pay off the senior-deferral loan.
Residents can find out more information and apply by visiting the Cook County Treasurer’s website at: https://www.cookcountytreasurer.com/theseniorcitizenrealestatetaxdeferralprogram.aspx
Northfield Township residents needing additional assistance can contact Assessor Nally and her staff at: 847-724-8300 x 2 or email@example.com.