Did You Know Those Older Than 65 Making Less Than $50,000 Can Defer a Portion of Property Tax?
It is a loan, so interest is attached, but it could be the answer for some older adults who need to improve their cash flow.
The application period for the Senior Citizen Real Estate Tax Deferral Program is now open.
The program allows qualifying seniors age 65 years and older to defer up to $5,000 of their property taxes until the time they sell their home.
“To qualify, the applicant’s household income cannot exceed $50,000,” according to DuPage County Treasurer Gwen Henry. “Additionally, the property must be used exclusively for residential purposes. The deferral is treated as a loan and accrues 6 percent simple interest until paid."
Many seniors are unaware of this program, Henry said.
“To increase awareness, the DuPage County Treasurer’s Office is once again working with local churches and other organizations to help inform seniors about the existence of the Senior Citizen Real Estate Tax Deferral Program,” she said. “Last year our efforts to inform seniors of this worthwhile program resulted in more than a 5 percent increase in program participation."
Application forms will be mailed to last year’s participants Friday, Jan. 11.
For a copy of the application, visit the treasurer’s website or call (630) 407-5900. The application period closes March 1.
Source: DuPage County Treasurer's Office