Updated: March 24, 2014 6:02AM
The PLOWS Council on Aging will provide trained staff to help senior citizens 65 and older apply for the state of Illinois’ Senior Citizens Real Estate Tax Deferral Program.
PLOWS staff screens seniors for eligibility and assists with the application process at no cost.
The deferral program allows people 65 and older who have a total household income for the year of no greater than $55,000, and who meet certain other qualifications, to defer all or part (up to a maximum of $5,000) of the real estate taxes and special assessments on their principal residences, according to tax.illinois.gov.
The deferral is similar to a loan against the property’s market value. A lien is filed on the property in order to ensure repayment of the deferral. The state pays the property taxes and then recovers the money, plus 6 percent annual interest, when the property is sold or transferred. The deferral must be repaid within one year of the taxpayer’s death or 90 days after the property ceases to qualify for this program. The maximum amount that can be deferred, including interest and lien fees, is 80 percent of the taxpayer’s equity interest in the property, according tax.illinois.gov.
The application deadline is March 1.
For more information, call (708) 361-0219.
PLOWS is a nonprofit assisting senior citizens living in Palos, Lemont, Orland and Worth townships in Cook County.