WHAT IS THE SENIOR CITIZENS REAL ESTATE TAX DEFERRAL?
Under the Senior Citizens Real Estate Tax Deferral Act (320 ILCS/1 et seq.) qualified senior citizens may annually defer part or all of the property taxes and special assessments on their personal residence. The property taxes and special assessments do not become due until after the death of the property owner or when the real estate is sold. Interest is assessed at 6 percent simple interest on the outstanding balance. This application must be filed on or before March 1, 2008, with the county collector. This application applies to property taxes that will be paid in 2008. WHO IS ELIGIBLE? To qualify for the real estate tax deferral you must: Be 65 years of age or older by June 1, 2008, Have a total household income of no more than $50,000, Have lived in the property or other qualifying property for at least the last three years, Own the property, or share joint ownership with your spouse, or be the sole beneficiary, or you and your spouse be the sole beneficiaries of a land trust, and
