Variations in Receipt of Benefit
No Variation in Receipt of Benefits
The benefit permits eligible persons to defer payment of all or part of their real estate taxes or special assessment up to 80% of the property's equity. The total amount of taxes deferred per year may not exceed $5,000. The state pays the taxes and files a lien on the property to ensure repayment. The deferral must be repaid, plus 6% annual interest, within one year of the property owner's death or 90 days after the property no longer qualifies.
How is Benefit Disbursed
Eligible Property Type
Characteristics of Eligible Property
Only residential property is eligible for this program.
Description of Eligibility Criteria
An eligible individual must be 65 or older by June 1st of year for which deferral is claimed. An individual’s household income must not exceed $55,000. Applicants must own the qualifying property. The property must not be under a lien for unpaid real property taxes and not held in trust when filing for the first time. Property under a land trust with the taxpayer as the sole beneficiary is eligible for the benefit. The property must be the applicant's principal residence for the last 3 years excluding periods in a nursing home or sheltered care home. The deferral is extended to surviving spouses if the spouse will be 55 or older within 6 months of the date of their partner's death.
Local Option in Adoption of Program
Local government is unable to exercise an option
Local Option Regarding Program Features
No local option regarding program features
State Funding for Local Tax Loss
State reimburses all of the local government tax loss
Description of State Funding for Tax Loss
The state pays the property taxes and then recovers the money when the property is sold or transferred.
[https://willcountytreasurer.com/wp-content/uploads/2021/02/Senior-Deferral-Form-IL-1017-Application.pdf Accessed 05/07/2022]
View Archived Source
Illinois Department of Revenue, Publication 101 - Income Exempt from Tax (2020)
[https://www2.illinois.gov/rev/research/publications/pubs/Documents/pub-101.pdf Accessed 05/07/2022]
View Archived Source
[https://www2.illinois.gov/rev/localgovernments/property/Pages/taxrelief.aspx Accessed 05/07/2022]