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A program offered by the Cook County Treasurer’s Office will be able to assist senior citizens who are hard-pressed to pay their property taxes, Treasurer Maria Pappas said today.
Seniors whose annual household income is $55,000 or less can apply to the Senior Citizen Real Estate Tax Deferral Program for loans to cover property tax payments.
"With drug prices and utilities rising faster than Social Security payments, too many of our elderly are forced to make difficult choices when property taxes are due," Pappas said. "This program is one way to ease their worries."
The State of Illinois issues the loans, which do not have to be repaid until the property is sold or the homeowner dies. An interest rate of 6 percent per year is charged by the state. The maximum loan is $5,000 per year. To qualify, homeowners must be at least 65 years old by June 1 of the year in which the application is made.