“Senior Citizen Real Estate Tax Deferral Program”
Filing Deadline is Friday, February 28, 2025
Senior citizens with a total household income of no more than $65,000 may wish to take advantage of the Illinois Department of Revenue’s “Senior Citizen Real Estate Tax Deferral Program.”
The Senior Citizen Real Estate Tax Deferral Program is a State of Illinois-sponsored tax relief program that allows qualified senior citizens to elect to defer all or part of the property taxes on their residences. The maximum amount that can be deferred (Including interest and fees) is 80% of the equity of the property up to a maximum of $7,500.00. The deferral is similar to a loan against the property’s market value and deferred amounts are “borrowed” from the State of Illinois, which pays the tax bill. A 3% simple interest is charged each year on the deferred amounts, and a lien is filed on the property.
The deferred property taxes do not become due until the:
· Real estate is sold
· Owner no longer qualifies
· Death of the property owner.
Who is Eligible
To qualify for the real estate tax deferral, you must
Be 65 years of age by June 1, 2025
Total household income of no more than $65,000
Have no unpaid property taxes and special assessments on the property.
Have Insurance against fire or casualty loss
You have owned and lived on the property for the last 3 years
Property is not income-producing
The filing deadline is Friday, February 28, 2025. Applications can be obtained at the LaSalle County Treasurer’s Office. Please call the Treasurer’s Office at 815-434-8219 option 4. for more information
Sincerely Yours,
James L. Spelich
LaSalle County Treasurer
*Please consult a mortgage professional before participating or contact the LaSalle County Treasurer for more information.