Pst, senior citizens! Did you know that you can defer part or all of the property taxes and special assessments on your personal residence?

Kane County Treasurer David Rickert is reminding senior citizens of that option and sending out the message that his office is here to help.

The important things to know up high in this article is that the application must be filed on or before March 1, 2015, with the Treasurer’s Office, and that there’s a $5,000 maximum.

“Just call or come on into the office,” Rickert said. “We’re more than happy to assist you with the documents.”

• IL-1017: Application for Deferral of Real Estate PDF
• IL-1018: Real Estate/Special Assessment Tax Deferral PDF

You can find the following information on the Treasurer’s Office website:

WHAT IS THE SENIOR CITIZENS REAL ESTATE TAX DEFERRAL?

Under the Senior Citizens Real Estate Tax Deferral Act qualified senior citizens may annually defer part or all of the property taxes and special assessments on their personal residence. The property taxes and special assessments do not become due until after the death of the property owner or when the real estate is sold. Interest is assessed at 6 percent simple interest on the outstanding balance. This application must be filed on or before March 1, 2015, with the county collector. This application applies to property taxes that will be paid in 2015.

WHO IS ELIGIBLE?

To qualify for the real estate tax deferral you must:

• Be 65 years of age or older by June 1, 2015,
• Have a total household income of no more than $55,000,
• Have lived in the property or other qualifying property for at least the last three years,
• Own the property, or share joint ownership with your spouse, or be the sole beneficiary,
  or you and your spouse be the sole beneficiaries of a land trust, and
• Have no delinquent property taxes and special assessments on the property.

WHAT IS INCLUDED IN HOUSEHOLD INCOME?

Income that must be included in your household income:

• alimony received
• Black Lung benefits
• business income
• capital gains
• cash assistance from Public Aid
• cash winnings from raffles, lottery, etc.
• Civil Service benefits
• dividends
• farm income
• interest
• interest received on life insurance policies
• lump sum Social Security payments
• monthly insurance benefits
• pension, annuity, and certain IRA benefits
• Railroad Retirement benefits
• rental income
• Social Security income (including Medicare deductions)
• Supplemental Security Income (SSI) benefits
• unemployment compensation
• veterans’ benefits
• wages, salaries, and tips

WHAT IF I HAVE A NET OPERATING LOSS OR CAPITAL LOSS CARRYOVER FROM A PREVIOUS YEAR?

You cannot include any carryover of net operating loss or capital loss from a previous year. You can include only a net operating loss or capital loss that occurred in 2014.

WHAT IS A HOMESTEAD?

Homestead means the land and buildings, (including a condominium or a dwelling unit in a multi-dwelling building that is owned and operated as a cooperative) occupied by the taxpayer as his or her residence or temporarily unoccupied for any period the taxpayer is temporarily residing in a nursing or sheltered care home, as defined in the Nursing Home Care Act.

WHAT IS QUALIFYING PROPERTY?

Qualifying property is a homestead that:

• the taxpayer, or taxpayer and spouse, owns in fee simple, or is purchasing in fee simple under a recorded instrument of sale, or is the sole beneficiary of a land trust,
• is not income producing property, and
• is not subject to a lien for unpaid property taxes and special assessments.

For more Information on this program call 630-232-3565 or stop by the Treasurer’s Office.

SOURCE: Kane County Treasurer’s Office

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