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Senior citizens having a hard time paying their property taxes can take advantage of a loan program administered by the Cook County Treasurer’s Office, Treasurer Maria Pappas said today.
Seniors whose annual household income is $55,000 or less can apply now for the Senior Citizen Real Estate Tax Deferral Program, which issues loans to cover property tax payments.
"Many senior citizens are worried about how long they can stay in their homes because they can’t afford the taxes," Pappas said. "This program provides financial relief to seniors, which is especially needed now, in the middle of the global pandemic."
The loans, which are issued by the State of Illinois, do not have to be repaid until the property is sold or the homeowner dies. A simple 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.