CHICAGO — There’s still time to apply to the Senior Citizen Real Estate Tax Deferral Program, the initiative introduced by Cook County Treasurer Maria Pappas to assist homeowners with financial difficulties.
Seniors whose annual income is $55,000 or less can apply for a loan to cover property tax payments.
The maximum loan amount is $5,000 with an interest rate of 6 percent. It doesn’t have to be repaid until the property is sold, or the homeowner dies.
Homeowners must be over 65 by June 1 of the year the application is made and lived on the property for at least three years. Those with outstanding property tax debt will be disqualified.
Applications are available for download online. The deadline is March 1.