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Seniors receive special property tax considerations

Post Date:01/11/2019 11:15 AM

Seniors born in 1953 or earlier may be eligible for two senior property tax exemptions, as well as a loan program to cover property tax payments.

Residential property owners born in 1953 or earlier may be eligible for Senior Exemptions, and those with a 2017 income of $65,000 or less may also be eligible for Senior Tax Freeze Exemptions. (This income threshold has been increased from previous years.) Both exemptions must be signed yearly to receive savings on 2018 second installment tax bills. The forms are due February 6, 2019. Questions can be directed to the township in which the homeowner resides

Seniors whose annual household income is $55,000 or less can also apply to the Senior Citizen Real Estate Tax Deferral Program for loans to cover property tax payments. The State of Illinois issues the loans, which do not have to be repaid until the property is sold or the homeowner dies. An interest rate of 6 percent per year is charged by the state. The maximum loan is $5,000 per year. To qualify, homeowners must be at least 65 years old by June 1 of the year in which the application is made, and homeowners must reapply every year. The deadline is March 1, 2019. For more information, visit cookcountytreasurer.com.

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