Remind your senior clients of the Senior Citizen Real Estate Tax Deferral Program offered by Cook County Treasurer Maria Pappas. The program is designed to help those over the age of 65 cover their property tax payments.
The loans, issued by the State of Illinois, have an annual interest rate of six percent and only need to be repaid when the property is sold or the homeowner passes away. A qualified applicant can receive up to $5,000 per year.
To qualify, the applicant must:
- have a household income of $55,000 or less.
- be 65 years or older by June 1st of the given application year.