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Senior Citizens Tax
Deferral - Eligibility and Application Process (320
ILCS 30/ 1 to 8) |
| To Qualify: |
1) Property must be owner occupied by the senior citizen on January 1st of the application year
2) Property owner must be 65 years of age or older by June 1st of the assessment year
3) Must have owned and occupied an Illinois residence for three years and be liable for the payment of the
property taxes
4) Must have a HOUSEHOLD income of $50,000 or less in the prior year to the application year
5) Must have no delinquent real estate taxes or special assessments on the property
6) Property must be a residential single family home, town home, or condominium
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Documents
Needed: |
a) Recorded Property Deed
b) If property is in trust, Trust Declaration or Trust Agreement and signature page
c) Proof of Age: Driver’s License, Birth Certificate, Passport, State I.D., etc.
d) Federal Income Tax return from the year prior to filing
e) Homeowner’s Insurance receipt and Insurance Declaration page which shows Fire and Casualty coverage
f) Latest Mortgage and Home Equity Line of Credit balance statement(s)
g) Fully completed application forms
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| Process: |
Call our office to make an appointment to bring the required documents into our Assessor’s Office. We will photocopy all documents and return the originals to you. We will ask you to sign the Tax Deferral Application Forms and will notarize your signature. FILING DEADLINE IS MARCH 1st. The applications must be filed yearly.
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| Effect: |
If you qualify, and choose to defer, the property taxes will be paid by the State of Illinois and treated as a loan to you at an interest rate of 6%. A lien will be placed against the property but the loan is not required to be paid off until the death of the property owner or the sale of the property. In DuPage County, the deferral amount can be either 50% or 100% of the annual tax bill amount, determined by the property owner. The property taxes can be deferred every year, provided you continue to be eligible, but the maximum total that can be deferred (including interest) is limited to 80% of the taxpayer’s net equity in the property.
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| Questions ?: |
Call our Taxpayers Service
Department at 630-529-6927 |
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