WOODSTOCK, Ill. –  The McHenry County Treasurer today is reminding senior citizens about the availability of the Senior Citizens Real Estate Tax Deferral Program. This allows qualified seniors to defer all or part of their property taxes and special assessment payments on their principal residence. Seniors needing assistance paying their property taxes have until March 1 to apply for the program.

The program, which works like a loan, allows qualified seniors to defer a maximum of $7,500 per tax year (including both first and second installment payments), increased from $5,000 last year. Deferred amounts are borrowed from the state, which pays the tax bill to the McHenry County Treasurer’s Office. The program also was expanded this year to increase the household income threshold qualification from $55,000 to $65,000.

Interest on the amount paid by the state accumulates and a lien is placed on the property for all deferred tax payments and interest. This is payable upon death of the homeowner or at the time the home is transferred to a new owner. The program participant may also choose to pay off the deferred tax payments and interest at any time.

"We encourage all eligible seniors who need help in paying their property taxes to consider this program so they can apply by the March 1 deadline,” McHenry County Treasurer Donna Kurtz said. “Not only has the income threshold been increased this year but the program has also been expanded to allow seniors to defer a greater amount of their property tax payments.”

To qualify for the Senior Citizens Real Estate Tax Deferral, a property owner must:

• be 65 years of age or older prior to June 1 of the year that the application is being filed with the County Treasurer/Collector's Office;

• have a total annual household income of no more than $65,000;

• have owned and occupied the property or other qualifying residence for at least the last three years;

• own the property, or share joint ownership with a spouse, or be the sole beneficiary, or the property owner and spouse be the sole beneficiaries of an Illinois land trust;

• have no unpaid property taxes and special assessments on the property; and

• have adequate insurance against fire or casualty loss.

If interested in the program or have questions concerning the program, seniors can contact the McHenry County Treasurer’s Office at 815-334-4260 or visit treasurer.mchenrycountyil.gov to get an application.  Once completed, the application must be filed with McHenry County Treasurer’s Office on or before March 1 of each year they wish to defer their property taxes or special assessments.