Property Tax Relief Program Open To Qualifying Seniors

COOK COUNTY — Seniors struggling to pay their rising Cook County property tax bills may be eligible for a tax relief program. The senior citizen real estate tax deferral program functions like a loan backed by the state government.

Qualifying senior citizens can use the money to cover up to $5,000 a year in property tax on their primary home at a cost of 6 percent interest per year.

The loan does not have to be paid back until the property is transferred to a new owner or the homeowner dies.

Applications to the program can be returned to the Cook County Treasurer's Office from Jan. 1 to March 1.

To qualify for the program, homeowners must be 65 years old by June 1, 2019, have lived in the property for at least the past three years and have a total annual household income of no more than $55,000. The home must not generate income, be insured and free of any unpaid property taxes. Any spouse or qualifying trustee must also agree to participate in the program.

Applicants must submit forms and copies of supporting documentation to the Cook County Treasurers Office by end of February to be eligible. There are no extensions. Homeowners may withdraw or pay off the loan at any time and must reapply every year.

The office has already posted the first installment for 2019 property tax bills on its website for those looking to pay next year's taxes before the end of 2018.

Ahead of New Year's Eve last year, changes in tax law led to a rush of taxpayers paying property taxes due in March 2018 before the end of 2017 so they would be able to deduct them.

Although there's no reason for taxpayers who've already paid $10,000 or more to pay the bill before the end of the year, a tax expert told the Chicago Sun-Times, homeowners who have not reached the deduction cap should consider itemizing their income taxes and paying their property taxes by Dec. 31 to potentially deduct the bill from their 2018 taxes.

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