Senior Citizens Real Estate Tax Deferral

Are you age 65 or older and experiencing difficulty paying your real estate taxes on your home?

You may qualify for the
Illinois Senior Citizen Real Estate Tax Deferral Program

Application for Senior Citizen Real Estate Tax Deferral is obtained at the Cook County Treasurers' Office.

Qualifications:

The homeowner must be 65 or older by June 1 of year when the application is so completed.
Household income is $55,000 or less
Surviving spouses or a previously approved applicant must be at least 55 years within 6 months of the taxpayers' death.
Homeowners must have owned and occupied the property as their principal residence for at least 3 years.
The fire/casualty insurance coverage amount may not be less than the amount of the taxes being deferred.
Homeowners can not owe outstanding property tax or special assessments.
Homeowner must have written approval from the spouse, if filing jointly, or Trustee, if the property in held in a qualifying Trust.

How do I apply for the Illinois Cook County Senior Citizen Real Estate Tax Derral Program?

Applications are available at Cok County Treasurer's Office from Jan 1 through March 1 application deadline.
Cook County Senior Citizen Real Estate Tax Deferral Program
Fill out the application completely and provide photocopies, not originals, of any required documents.
All applications must be returned to Cook County Treasurers; Office by March 1 - there are no extensions or exceptions.
PLEASE NOTE: Important - You must apply each year that you want to particpate. This program is not to be confused with the Senior Exemption which is an exemption available to Seniors through the Cook County Assessors' office and does not require a yearly application. This program is not an exemption.

The fee is 6% simple interest per year and is due:

Death of the applicant - payment due within one year
At the time of sale of the home or transfer of the home to a new owner - 90 days after sale or transfer
Or sooner, if the applicant decides to pay off the senior deferral loan.

Maximum annual amount or property tax deferral is $5,000 per year per approved application. Must apply each year.
Lien fee amount for that year (6%) is not included in the cap.
For example, a homeowners' tax due is $5,700 for year. If approved, the taxpayer must pay $700 to the Cook County Treasurers' office as the cap is $5,000 for the deferral.
Late fees 1.5% per month areassessed until tax is paid in full.

You can still apply, check with your mortgage company first, to verify that you are not violating any of the terms of your mortgage.
If you have a reverse mortgage, verify with your lender that are not violating the terms of your reverse mortgage agreement.
Beginning with 2012 tax bills forward, the only form is a Trust that the property can be held in is an Illinois Land Trust with the applicant and spouse are listed as the sole beneficiaries of the Trust.