Senior Citizens Real Estate Tax Deferral Program

What is the Senior Citizens Tax Deferral Program and who qualifies? This program is designed to allow senior citizens to defer payment of part or all of the property taxes on their home. This program functions as a loan, with an annual interest rate of six percent. The Senior Citizens Tax Deferral is a state program that allows qualified senior citizens to defer up to $5,000 per year of the property taxes on their personal residence.

Sample Application for Senior Tax Deferral (PDF)

Sample Senior Tax Deferral Recovery Agreement (PDF)

 

General Information:

• This is a state loan with a 6% simple interest rate.

• Repayment must be made upon death, sale of home or refinancing.

• A lien will be placed on your property.

• The program may be utilized for multiple years, if you meet the qualifications.

• Must file a new application between January 1st and March 1st each year.

• You may apply for other senior tax programs even though you are on the deferral program.

• If you have a mortgage or reverse mortgage arrangement, you should verify with your lender whether or not your agreement allows you to participate in the tax deferral program.

 

 

Requirements of Eligibility:

• Applicant must be 65 years old as of June 1st of the tax year claimed.

• Total household income $55,000 or less.

• Maximum shall not exceed $5,000 per taxpayer per year.

• Proof of house insurance.

• Property cannot be income producing, such as rental income.

• Applicant must own and occupy residence.

• Property taxes must be current at the time of application.

• The cumulative amount of the deferral plus interest cannot exceed the market value less the value of any liens.

• Taxes may be paid at any time without affecting the deferral status.

 

 

* Note: The filing deadline for the program is March 1 of the tax year.

 

Assistance with filling out the form, and further processing of completed forms are available from:

Lake County Treasurer

18 North County Street

Waukegan, Illinois 60085

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Please contact the Lake County Treasurer’s Office at 847-377-2323 for a Tax Deferral Application.