Village Of Evergreen Park: Senior Citizens Real Estate Tax Deferral Program

Evergreen Park IL

17 February, 2022

1:56 PM

Description

Press release from Village of Evergreen Park: February 17, 2022 Qualified seniors in Illinois can defer all or part of their property taxes and special assessment payments on their principal residences through the Senior Citizens Real Estate Tax Deferral Program. Seniors needing assistance paying their property taxes have until March 1st to apply for the program through their local County Collector's Office. The program, which works like a loan, allows qualified seniors to defer a maximum of $5,000 per tax year (including both first and second installment payments). Deferred amounts are borrowed from the State of Illinois, who pays the tax bill to the County Collector's Office.   Six percent interest accumulates per year and a lien is placed on the property. The loan is payable upon death of the homeowner, at the time the home is transferred to a new owner, or sooner, if the program participant chooses to pay off the deferred tax payments and interest. To apply for the program, seniors need to contact their local County Collector's Office to receive an application. Once completed, the application must be filed with the Collector's Office on or before March 1 of each year they wish to defer their property taxes or special assessments Additional Info... This press release was produced by Village of Evergreen Park. The views expressed here are the author's own.