Lake County Gazette

Lake County has announced the Senior Citizen Tax Deferral Program, which allows qualified seniors to defer part or all of their property taxes on their primary residence. The announcement was made in a news release on January 8, 2025.

According to the Lake County Treasurer's website, the program offers a state loan with a 3% simple interest rate to eligible seniors, enabling them to defer property taxes until the death of the applicant or the sale of their home. The program can be used for multiple years, with a new application required each tax year. A lien will be placed on the property, and applications must be notarized and submitted by February 28, 2025.

To qualify for this program, applicants must be at least 65 years old by June 1st of the tax year and have a household income of $65,000 or less. Additional criteria include proof of income and homeowners insurance. The property must serve as the primary residence, and taxes must be current at the time of application. Seniors are also required to have both the senior freeze and general senior exemptions.

The Illinois General Assembly states that under the Senior Citizens Real Estate Tax Deferral Act program, tax deferrals can reach up to $7,500 per year depending on the tax year. Deferred taxes plus interest become a lien on the property but do not exceed 80% of its equity interest. Taxes may be paid at any time without affecting deferral status.

The Lake County Treasurer's Office is led by Treasurer Holly Kim. It manages essential functions related to property tax payments, investments, and community engagement for Lake County residents. Kim is committed to ensuring that her office delivers solid investment returns and provides valuable services such as educational "Fiscally Fit" classes aimed at promoting healthy financial habits. The office also assists residents with inquiries and issues related to tax dollars.