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 …
Danni
11:22 am on Saturday, January 12, 2013
and did you know that prior to January 1, 2012, those same qualifiers permitted you to defer 100% of the RE tax? Those who were smart enough to understand this, were using this deferral as a clever way to use up the declining equity in their moribund Illinois home-but, of course, outwitted again by those dems-$5000 is nothing when your taxes get to $50,000 per year-and it's coming-sooner than you… more ›