If you’re over 65, there is good news on the horizon regarding the expansion of the Senior Citizens Real Estate Tax Deferral Program.
This program provides financial relief for seniors, and the deadline to apply for the 2025 Senior Tax Deferral Program is March 1, 2026.
According to the Illinois Department of Revenue, starting in tax year 2025:
- The maximum household income for eligibility will increase from $65,000 to $75,000 in 2026, then to $77,000 in 2027, and to $79,000 beginning in 2028 and thereafter.
To qualify for the Senior Tax Deferral Program, homeowners must meet the following criteria:
- Be 65 years of age or older by June 1 of the filing year.
- Own and occupy the primary residence for a minimum of three years
- Have no outstanding property taxes or special assessments on the property.
- Maintain adequate fire or casualty insurance.
According to NBC Chicago, eligible seniors may defer up to $7,500 per year, including interest and fees, or up to 80 percent of the equity in their home, whichever is lower.