Kane County residents can apply for senior citizens property tax deferral by March 1
Kane County Treasurer David J. Rickert reminds taxpayers that information and forms for the Senior Citizens Property Tax Deferral program are now available in the Treasurer's office.
The program allows qualified senior citizens to defer all or part of their 2020 property taxes up to $5,000 on their personal residence. Applications must be filed with the Treasurer's office by March 1, 2021 in order to defer 2020 taxes billed in 2021.
To qualify, a person must be 65 or over by June 1, 2021, have a total household income of $55,000 or less, and have lived in the property for at least three years.
In addition, there must be no delinquent taxes on the property. Also, if the property is subject to a mortgage then your mortgage company would also have to approve your participation in the program.
Qualified taxpayers can defer taxes totaling up to 80 percent of the equity interest they have in the home. The program provides funding at a 6% simple interest rate which doesn't require repayment until the taxpayer sells the property or until after the taxpayer's death.
To apply for the program, the person has to file two forms with the county Treasurer's office.
The first form (IL1017 TD) asks for basic information on the taxpayer, their income and their property. It also requires that joint owners agree to the tax deferral. In addition, it requires that evidence be presented of adequate insurance on the property.
The second form (IL1018 TD) is the agreement for the tax deferral. It sets out the conditions of the deferral, including the amount which can be deferred, the interest rate and the arrangements for paying back the "loan."
If you have any questions about this program, call (630) 232-3565 or stop by the Treasurer's office located at 719 S. Batavia Ave. in Geneva.