The DuPage County treasurer’s office and the Illinois Department of Revenue are offering senior citizens the opportunity to defer their property tax payments until they sell their homes.
To be eligible for the programs, residents must be 65 years old or older and earn an annual household income of $50,000 or less. The deferral is essentially a loan that accrues 6 percent annual interest until it is repaid.
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How to apply For a copy of the application, visit the treasurer’s Web site at www.dupageco.org/treasurer or call (630) 407-5900. The application period closes March 1. |
“Property taxes have become a struggle for a lot of people, and if we can help, that’s great,” Treasurer Gwen Henry said. “If (seniors are) having to give up medicine or something like that to pay their taxes, this is a much better alternative.”
Those who are interested in participating in the program need to file an application with the treasurer’s office. Henry’s office reviews the applications and then sends them to the Department of Revenue for final approval.
If the application is approved, a lien is filed on the property to ensure repayment of the deferral, according to the Department of Revenue. The deferral must be repaid within one year of the taxpayer’s death or 90 days after the property no longer to qualifies for the program.
Participants also can chose to repay the money sooner, Henry said.
The state then pays the taxes to the treasurer’s office, which forwards the money to the appropriate taxing bodies.
Participation in the program increased by 3 percent from 2006 to 2007, and with the current economic climate, Henry said she expects a larger increase this year.
Donna Copeland Hill is the liaison to DuPage County for the Northeastern Illinois Area Agency on Aging.
She said the tax deferral program is very helpful to seniors with limited incomes who want to stay in their homes.
“It’s absolutely necessary for people, especially someone who’s been in their home for a very long time,” Copeland Hill said. “A huge majority of seniors want to stay in their homes as long as possible.”
Rising property values make it difficult for retirees to keep up with their tax bills, especially as retirement income has declined for many as a result of the current recession.
“If you’re paying a huge amount per month for your real estate taxes, it’s going to be very difficult to stay in your home,” she said.
