#United States #Chicago #Cook County #Property Tax #Maria Pappas

Cook County Treasurer Maria Pappas Advocates for Property Tax Relief for Seniors

As property tax bills rise, concerns mount regarding the impact on senior citizens, particularly those struggling to stay in their homes. Cook County Treasurer María Pappas is taking proactive steps to support this vulnerable demographic by emphasizing the availability of the Senior Citizens Property Tax Deferral Program.

Understanding the Property Tax Deferral Program

The Senior Citizens Property Tax Deferral Program is designed to provide financial relief to homeowners aged 65 and above. By allowing seniors to “borrow” funds from the state, this initiative alleviates the immediate financial burden of paying property taxes. The program operates at a competitive annual interest rate of only 3%, making it a more accessible option compared to the previous rate of 6% which had been in place for several fiscal years prior.

“Many of our senior homeowners are experiencing greater difficulty in meeting their tax obligations,” said Pappas. “This program could be pivotal in helping them retain their homes, avoid falling behind on payments, or ultimately selling the property.”

For eligible seniors, the program allows the deferral of up to $7,500 annually in property taxes. In instances where tax bills exceed this limit, homeowners are responsible for the difference. An important aspect of the program is that deferred taxes must be paid once the property is sold or transferred, or within a year following the homeowner’s passing.

Eligibility Criteria

To take advantage of this vital program, seniors must meet specific eligibility requirements:

• - Age Requirement: Applicants must be 65 years old or older as of June 1 of the application year.
• - Income Limit: The annual household income must be $65,000 or less.
• - Home Residency: Seniors should have occupied the home for the last three years.
• - Tax Status: There should be no outstanding property taxes or pending special assessments on the property.
• - Insurance Coverage: Applicants need to have sufficient fire or accident loss insurance.

With the program's adjustments, the income threshold for eligibility has increased from $55,000 to the current limit of $65,000, and the maximum deferral amount has risen from $5,000 to $7,500.

How to Apply

Applications for the tax deferral program for fiscal year 2024 will be available starting January 2025, and seniors must submit their applications by the March 1 deadline. Interested homeowners can access comprehensive program details, download necessary brochures, and find the application forms by visiting cookcountytreasurer.com under the “Seniors” tab. The site also features an informative video available in English, Spanish, and Polish, which can guide seniors through the application process and illustrate how the program can be beneficial.

“Take the time to watch it,” said Pappas encouragingly. “It could be the key to remaining in your home.”

The urgency of this initiative cannot be overstated, especially in light of ongoing financial pressures faced by seniors. With rising property taxes potentially prompting some to consider selling their long-time residences, programs like this serve as essential resources to ensure our older citizens can maintain their lifestyles and stay in their communities.

In conclusion, Treasurer Pappas's advocacy for the Senior Citizens Property Tax Deferral Program stands out as a crucial lifeline for seniors navigating the complexities of property tax obligations. As the application period approaches, it is imperative that eligible seniors seize this opportunity for relief and support.