Hey, Are You 65 Or Over? Want to Defer Up To $5,000 on Your Property Tax?
Kane County Treasurer David Rickert is reminding 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 2018 property taxes up to $5,000 on their personal residence. Applications must be filed with the Treasurer’s Office by March 1, 2019, in order to defer 2018 taxes billed in 2019.
To qualify, a person must be 65 or over by June 1, 2019, 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 six percent 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 Kane 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, please contact the Kane County Treasurer’s Office, 719 South Batavia Ave. in Geneva. The phone number is 630-232-3565.
SOURCE: Kane County Treasurer’s Office news release