Vermilion County Treasurer Darren Duncan is reminding senior citizens about the Illinois Real Estate Tax Deferral Program. He says of the approximately 55,000 taxable properties in Vermilion County only two seniors took advantage of the program this year.
The program allows citizens who are over 65 to defer all or part of their property tax and special assessment payments on their principal residence. Deferred amounts are ‘’borrowed’’ from the state of Illinois, who pays the tax bill. To ensure repayment, a six percent simple interest rate is charged on the deferred amounts and a lien is filed on the property. The six-percent interest rate is charged for each year that the deferred amount is carried. For example, a $2,000 tax amount deferred for one year would equal interest of $120. If not paid off in the first year, the interest would grow to $240 at the end of the second year, $360 at the end of the third year, and so on.
Deferred amounts much be repaid within one year of the taxpayer’s death or 90 days after the property is sold, transferred, or otherwise no longer qualifies for the program.
More information about the program is available at the Vermilion County Treasurer’s office which is located in the Vermilion County Courthouse Annex.
