LaSalle County Treasurer reminds residents about the “Senior Citizen Real Estate Tax Deferral Program”

OTTAWA – The deadline to file for the Illinois Department of Revenue’s “Senior Citizen Real Estate Tax Deferral Program” is fast approaching. LaSalle County Treasurer James L. Spelich is reminding those residents that the state sponsored tax relief program allows qualified senior citizens to elect to defer all of the property taxes on their personal residences to 80% of equity. The maximum deferral each year is limited to $5,000. The filing deadline is March 1 and applications can be obtained at the LaSalle County Treasurer’s Office.
To qualify for the real estate tax deferral you must
 Be 65 years of age by June 1, 2022
 Household income of no more than $55,000
 Have lived in the property for at least the last three years
 Own the property
 Have no unpaid property taxes and special assessments on the property.
What is Qualifying Property
Qualifying property is a homestead that
 You own or are purchasing
 Is not income-producing
 Is not subject to a lien for unpaid property taxes and special assessments.
The deferred property taxes do not become due until the:
• Real estate is sold
• Owner no longer qualifies
• Death of the property owner.
Interest is assessed at 6 percent simple-interest on the outstanding balance.
The deferral is similar to a loan against the property’s market value. The maximum that can be deferred, including interest and lien fees is 80 percent of the taxpayer’s equity interest in the property.
James L. Spelich
LaSalle County Treasurer