Defer As Long as Senior Lives in the Home

The deadline is March 1, 2006, for senior homeowners to move to defer their Cook County property taxes as long as they live in their homes and have a yearly income no more than $40,000, Cook County Treasurer Maria Pappas said today.

Qualifying seniors can defer current and future property taxes through Senior Citizen Tax Deferral, a state-loan program managed by Pappas' office. The 6-percent, simple-interest loan gives qualifying seniors the money to pay taxes. The loan is repaid when the owner dies or sells the home.

Applications are available at www.cookcountytreasurer.com, by phone at 312.603.5034, or at the Treasurer's Office, Room 112, Cook County Building, 118 N. Clark St., Chicago. Applications are renewed yearly.

"By easing budget pressure, Senior Deferral allows senior citizens to stay in their homes without having to move late in life," Pappas said, noting the basic requirements:

• At least one spouse is 65 as of June 1 in the year a deferral is claimed.
• The household income is $40,000 or less yearly.
• A surviving spouse is 55 within six months of the other's death.
• The applicant has lived in the home for three or more years.
• Up to 100 percent of taxes can be deferred, without exceeding 80 percent of the home's market value.
• The home is insured and has no liens, and all property taxes are paid.

Applicants must show proof of age and ownership of the home, and the last tax bill received. Denied applications can be applied for in the next year.

Postmarks on envelopes mailed by current-year applicants to the Treasurer's Office must be no later than March 1, 2006, the due date for bills issued for the first installment of tax year 2005.