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The Senior Citizens Real Estate Tax Deferral program provides tax relief for qualified senior citizens by essentially providing a loan of up to $7,500 to pay a senior’s property tax bill, according to the McHenry County Treasurer’s Office.
Applicants for 2024 who receive this deferral loan will gain access to an interest rate of 3%, which has been reduced from the previous rate of 6%.
Interested McHenry County seniors can contact the treasurer’s office to apply for the program.
McHenry County Treasurer Donna Kurtz is launching a series of presentations countywide to explain and promote the program.
The first presentation will be from 2 to 3 p.m. Wednesday, Jan. 24, in the main meeting room of the Woodstock Public Library, 414 W. Judd St. Kurtz will review the program and answer questions regarding completing and submitting an application.
The funds are granted through the state of Illinois. For those who qualify, a lien for the deferred amount will be filed on their property. Deferred amounts are repaid upon the sale or transfer of the property, or within one year of the property owner’s death.
To be eligible, an applicant must be at least 65 years old by June 1 and have a total household income less than $65,000. Other program requirements include:
- Living on the property or other qualifying property for the past two years
- Having equity in the property
- Having no unpaid property taxes or foreclosures
- Having fire and casualty insurance for the property
Kurtz and her staff will be able to help attendees fill out the two forms required to apply for the deferral: Form IL-1017, Application for Deferral of Real Estate/Special Assessment Taxes, and Form IL-1018, Real Estate/Special Assessment Tax Deferral and Recovery Agreement.
Although Kurtz will have some copies on hand, she encourages people to print the forms themselves – they can be found by visiting the treasurer’s office website at treasurer.mchenrycountyil.gov, clicking “Senior Deferral,” and then clicking on the application link.
A notary official will be on hand at the Jan. 24 presentation to notarize completed forms for free.
Attendees are encouraged to register through the calendar on the library’s website at woodstockpubliclibrary.org.
All applications for the senior tax deferral must be received by March 1; there will be no extensions. For information, visit the treasurer’s website or contact 815-334-4260 or treasurer@mchenrycountyil.gov.
Kurtz plans to hold future presentations on the program in Crystal Lake, Harvard, McHenry, Huntley and elsewhere.