How many states in the Midwest have property-tax deferral loan programs for senior citizens?
Property-tax deferral loans allow senior citizens, generally those with low to moderate incomes, to use some of the equity in their homes to pay property taxes. Three states in the region Illinois, Minnesota and Wisconsin offer such programs. These programs help senior citizens remain in their homes by providing loans to pay a portion of the property taxes they owe. The state often pays the taxes directly to the appropriate taxing authority and thus becomes the lien holder on the property. When the property is sold or transferred, the loan is repaid to the state. Interest rates may vary, but are generally relatively low between 5 and 6 percent. Income ceilings vary among the states, with the property-tax deferral available in Minnesota to seniors with incomes under $60,000 per household. In Illinois, homeowners are eligible for the program if their total income does not exceed $40,000. In Wisconsin, income is capped at $20,000. The states have also built in protections to cover their l
