Illinois Department of Revenue Reminds Taxpayers about Availability of Senior Citizens Tax Deferral Program
CHICAGO - The Illinois Department of Revenue (IDOR) today reminded senior citizens about the availability of the Senior Citizens Real Estate Tax Deferral Program. The program, which works like a loan, allows qualified seniors to defer all or part of their property taxes and special assessment payments on their principal residences. The deadline to apply for the program this year is March 1, 2025. The maximum amount that can be deferred, including interest and lien fees, is 80 percent of the taxpayer’s equity interest in the property. The maximum deferral each year is limited to $7,500. Deferred amounts are borrowed from the state, who pays the tax bill to the county collector's office. Interest on the amount paid by the state accumulates and a lien is placed on the property for all deferred tax payments and interest. Three percent simple interest per year is payable upon death of the homeowner, at the time the home is transferred to a new owner, or sooner, if the program participant
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