IS THE SENIOR CITIZENS REAL ESTATE TAX DEFERRAL?
Under the Senior Citizens Real Estate Tax Deferral Act (320
ILCS/1 et seq.) qualified senior citizens may annually defer part or
all of the property taxes and special assessments on their personal
residence. The property taxes and special assessments do not become due until
after the death of the property owner or when the real estate is sold.
Interest is assessed at 6 percent simple interest on the outstanding balance.
This application must be filed on or before March 1, 2008, with the county
collector. This application applies to property taxes that will be paid in
WHO IS ELIGIBLE?
To qualify for the real estate tax deferral you must:
· Be 65 years of age or older by June 1, 2008,
· Have a total household income of no more than $50,000,
· Have lived in the property or other qualifying property for at least the
last three years,
· Own the property, or share joint ownership with your spouse, or be the sole
or you and your spouse be the sole beneficiaries of a land trust, and
· Have no delinquent property taxes and special assessments on the property.
WHAT IS INCLUDED IN HOUSEHOLD INCOME?
Income that must be included in your household income:
· alimony received
· Black Lung benefits
· business income
· capital gains
· cash assistance from Public Aid
· cash winnings from raffles, lottery, etc.
· Civil Service benefits
· farm income
· interest received on life insurance policies
· lump sum Social Security payments
· monthly insurance benefits
· pension, annuity, and certain IRA benefits
· Railroad Retirement benefits
· rental income
· Social Security income (including Medicare deductions)
· Supplemental Security Income (SSI) benefits
· unemployment compensation
· veterans' benefits
· wages, salaries, and tips
WHAT IF I HAVE A NET OPERATING LOSS
OR CAPITAL LOSS CARRYOVER FROM A PREVIOUS YEAR?
You cannot include any carryover of net operating loss or capital loss from a
previous year. You can include only a net operating loss or capital loss that
occurred in 2007.
WHAT IS A HOMESTEAD?
Homestead means the land and buildings, (including a condominium or a
dwelling unit in a multi-dwelling building that is owned and operated as a
cooperative) occupied by the taxpayer as his or her residence or temporarily
unoccupied for any period the taxpayer is temporarily residing in a nursing
or sheltered care home, as defined in Section 1-113 of the Nursing Home Care
WHAT IS QUALIFYING PROPERTY?
Qualifying property is a homestead that
· the taxpayer, or taxpayer and spouse, owns in fee simple, or is purchasing
in fee simple under a recorded instrument of sale, or is the sole beneficiary
of a land trust,
· is not income producing property, and
· is not subject to a lien for unpaid property taxes and special assessments.
For more Information on this program call (630)232-3565.