Senior citizens having a hard time paying their property taxes can take advantage of a loan program administered by the Cook County Treasurer’s Office, Treasurer Maria Pappas said today.
Seniors whose annual household income is $55,000 or less can apply now for the Senior Citizen Real Estate Tax Deferral Program, which issues loans to cover property tax payments.
“Many senior citizens are worried about how long they can stay in their homes because they can’t afford the taxes,” Pappas said. “This program provides financial relief to seniors, which is especially needed now, in the middle of the global pandemic.”
The loans, which are issued by the State of Illinois, do not have to be repaid until the property is sold or the homeowner dies. A simple interest rate of 6 percent per year is charged by the state. The maximum loan is $5,000 per year. To qualify, homeowners must be at least 65 years old by June 1 of the year in which the application is made.
To apply:
- Download the application from: Cook County Property Tax Deferral Program For Seniors
- Submit the completed application and copies of the required documents to the Treasurer’s Office
- The deadline is March 1, 2021. Applications after that date cannot be accepted
- Homeowners must reapply every year
- The First Installment for Tax Year 2020 is due March 2, 2021, but late charges are waived through May 3, 2021
For more about Cook County Property Taxes, including other tax payer assistance, discounts, payment, and deferral programs, and information about your own property tax account, visit the Cook County Treasurer online at: https://www.cookcountytreasurer.com
