Deadline for senior tax deferral March 1
MORRIS – Application and recovery agreement forms for the senior citizens tax deferral are due in the Grundy County Treasurer’s Office by March 1.
To qualify for the program, you must be 65 years of age or older by June 1; total household income is not greater than $55,000; live in and own the qualifying property at least three years and not owe any delinquent property taxes.
The maximum amount of real estate and/or special assessment tax to be deferred is $5,000 a year.
Homeowner’s are allowed to make payments on their loan, unless the property is sold or the death of the homeowner(s), then payment is required in full within six months.
The state is loaning the money to pay all or part of the real estate taxes and/or the special assessment up to $5,000.
This program defers the real estate and/or the special assessment tax; it does not erase the tax liability.
A 6 percent interest rate is assessed besides filing fees.