WOODSTOCK, Ill. – The Senior Citizens Real Estate Tax Deferral Program provides tax relief for qualified senior citizens by essentially providing a loan up to $7,500 to pay a senior’s property tax bill. These funds are granted through the State of Illinois.

Applicants for 2024, who receive this deferral loan, will gain access to a simple interest rate of 3%, which has been significantly reduced from the previous rate of 6%. Interested McHenry County seniors can contact the County Treasurer to apply for the program. 

 “The State of Illinois has made the Senior Citizens Real Estate Tax Deferral Program far more appealing to seniors by reducing the interest rate for the deferral/loan to 3%.  Seniors now have a cost-effective means to defer their property tax bill which frees up funds needed to address their other expenses,” Treasurer Donna Kurtz said. “In addition to the Senior Deferral program, McHenry County seniors have other programs available that can provide the means to further lower their property-tax bills.  I urge seniors to assess these other tax reduction programs, as needed, if they have not yet done so.”

 To be eligible for this program, an applicant must be at least 65 years old by June 1, and have a total household income less than $65,000. Other program requirements include: 

• Living on the property or other qualifying property for the last two years,
• Having equity in the property,
• Having no unpaid property taxes or foreclosures, and
• Having fire and casualty insurance for the property.

Upon qualification, a lien for the deferred amount will be filed on the qualifying property. Deferred amounts are repaid upon the sale or transfer of the property, or within one year of the property owner’s death.

Applications will be available at treasurer.mchenrycountyil.gov starting Jan. 1, and must be received by March 1; there will be no extensions. For questions, please visit the Treasurer’s website or contact them at 815-334-4260 or treasurer@mchenrycountyil.gov.

 In addition, Kurtz encourages seniors to make sure they are taking advantage of the multiple exemption options that are available to ease their property-tax burden.  To learn more about these exemptions, contact the McHenry County Assessments Office at 815-334-4290 or email assessments@mchenrycountyil.gov.