SYCAMORE – DeKalb County Treasurer Christine Johnson announced the opening of the application period for the senior citizens real estate tax deferral program.
To participate in the program, the applicant must be 65 or older, and must have a total annual household income less than $55,000. If the property is jointly owned, both owners must sign the application.
If a taxpayer is applying for the program for the first time in 2014 (for the 2013 tax year) and thereafter, and the property is being held in a trust, the trust must be an Illinois Land Trust with the deferral applicants being the sole beneficiaries of the trust.
The maximum amount of taxes that can be deferred each year is now limited to $5,000.
Other requirements include that the property must be used exclusively for residential purposes; there must not be a lien against the property for unpaid real estate taxes; the taxpayer must have owned and occupied the property as a residence for at least the past three years; and the taxpayer must show evidence that the property is insured against fire or casualty loss for at least the total amount of taxes which have been deferred.
For more information, call Johnson’s office at 815-895-7112.