Senior Citizen Real Estate Tax Deferral

State

Illinois

Year

2018

Variations in Receipt of Benefit

No Variation in Receipt of Benefits

Benefit Type

Deferral

Benefit

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

Other

Eligible Property Type

Residential

Characteristics of Eligible Property

Only residential property is eligible for this program.

Eligibility Criteria

Age

Homeowner

Income Ceiling

Principal Residence

Surviving Spouse

Other Criteria

Description of Eligibility Criteria

An eligible individual must be 65 or older by June 1 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 three 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.

Record ID

IL105_RR18

Footnotes

Applications are administered by local county collectors who determine eligibility of applicants. Applications must be filed by March 1 of each year.

Sources

320 Ill. Comp. Stat. § 30/1 ~ § 30/8 (in effect for 2018)
Department of Revenue, Application for Deferral of Real Estate / Special Assessment Taxes for Tax Year, (2017)

[https://www.cookcountytreasurer.com/pdfs/seniordeferral/IL-1017.pdf accessed 07/11/2018]

View Archived Source

Illinois Department of Revenue, Publication 101 - Income Exempt from Tax, (2010)

[http://www.revenue.state.il.us/Publications/Pubs/Pub-101.pdf accessed 08/01/2018]

[https://www.lincolninst.edu/sites/default/files/gwipp/upload/sources/Illinois/2018/IL_Publication_101_Income_Exempt_from_Tax_Illinois_Department_of_Revenue_2010.pdf]
Illinois Department of Revenue, Property Tax Relief - Homestead Exemptions, (2018)

[http://www.revenue.state.il.us/LocalGovernment/PropertyTax/taxrelief.htm Accessed on 08/01/2018]

View Archived Source

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