Senior Tax Deferral Program

Information on the Senior Tax Deferral Program.

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, 2015, with the county collector. This application applies to property taxes that will be paid in 2015.

WHO IS ELIGIBLE?
To qualify for the real estate tax deferral you must:
Be 65 years of age or older by June 1, 2015,
Have a total household income of no more than $55,000,
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
Have no delinquent property taxes and special assessments on the property.

WHAT IS INCLUDED IN HOUSEHOLD INCOME?


Income that must be included in your household income:
alimony received Black Lung benefits
business income capital gains
cash assistance from Public Aid cash winnings from raffles, lottery, etc.
Civil Service benefits dividends
farm income interest
interest received on life insurance policies lump sum Social Security payments
monthly insurance benefits pension, annuity, and certain IRA benefits
Railroad Retirement benefits wages, salaries, and tips
rental income Social Security income (including Medicare deductions)
Supplemental Security Income (SSI) benefits unemployment compensation
veterans' benefits


WHAT IF I HAVE A NET OPERATING LOSS OR CAPITAL LOSS CARRYOVER FROM A PREVIOUS YEAR?
You cannot include any carryover of net operating loss or capital loss from a previous year. You can include only a net operating loss or capital loss that occurred in 2014.

WHAT IS A HOMESTEAD?
Homestead means the land and buildings, (including a condominium or a dwelling unit in a multi-dwelling building that is owned and operated as a cooperative) occupied by the taxpayer as his or her residence or temporarily unoccupied for any period the taxpayer is temporarily residing in a nursing or sheltered care home, as defined in Section 1-113 of the Nursing Home Care Act.


WHAT IS QUALIFYING PROPERTY?
Qualifying property is a homestead that
the taxpayer, or taxpayer and spouse, owns in fee simple, or is purchasing in fee simple under a recorded instrument of sale, or is the sole beneficiary of a land trust,
is not income producing property, and
is not subject to a lien for unpaid property taxes and special assessments.

For more Information on this program call (630)232-3565.

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