The North Shore Senior Center (NSSC) wants to remind older adults that there is an option available that can make tax time a bit less stressful.
The Senior Citizen Real Estate Property Tax Deferral program is a tax-relief effort that works like a loan. It allows qualified seniors to defer all or part of their taxes on their primary homes. The loan from the state is paid when the property is sold, or transferred to an heir. Homeowners must be at least 65 years of age, with a household income of no more than $50,000. Up to 100% of property taxes can be deferred; the cost is 6% simple interest, payable at the time the property is transferred to a new owner.
Applications are available in early January at the Treasurer’s Office, and may be filed ONLY in January and February. There is also a real estate property tax assessment freeze for homeowners who are 65 years of age and older. The County Assessor’s office handles all the paperwork. You must have a total household income of $55,000 or less to qualify. NSSC’s social services staff is available to help seniors complete the necessary application form. Call Jean Cleland at NSSC at 847.784.6036 for additional details.