Palatine Township Senior Citizens Can Apply For Property Tax Deferral

This year, Palatine Township and all Cook County senior citizens at least sixty-five years old and who have a household income of less than $65,000 a year may qualify for a new Illinois Senior Tax Deferral program that is accepting applications until March 1st and will provide property tax relief.

Seniors may get some relief from the Deferral program if they have built up equity in their homes by paying down or paying off their mortgages. Under the program, qualifying seniors living in a household with annual income of $65,000 or less can borrow against the equity in their homes to pay as much as $7,500 in property taxes per year as long as they have equity in the home greater than the amount of the loan.

The money for the Deferral program is essentially a loan from the state, which charges 3% simple interest on the money, but does not require loan payments. Instead, the entire loan is repaid when the home is sold or within a year of the applicant’s death.

Deferral applications are due by March 1, 2025. The Palatine Township Assessor office is available to provide additional details about eligibility for the program to Township residents and help seniors apply for the deferral. Individuals who do not live in Palatine Township should contact the assessor in their township.

“I strongly encourage Deferral applicants to apply for the two Senior Exemptions, as the savings from those exemptions will reduce the taxes to be paid or deferred,” said Bill Pohlman, Palatine Township Assessor.” “Remember that although Deferral loans will eventually have to be repaid, savings from the two Senior Exemptions are not loans and never have to be repaid.”

Palatine Township covers a six square mile area South of Lake Cook Road in Palatine, North of Central Avenue in Schaumburg, East of Huntington Boulevard in Hoffman Estates and West of Wilke Road in Arlington Heights.

The Palatine Township holds their monthly board meeting on the fourth Monday of the month at 7:00 PM at the Palatine Township offices on Quentin Road in Palatine. For further information on Palatine Township write to the Palatine Township Center 721 S. Quentin Road, Palatine, IL 60067, call 847.358.6700 or visit palatinetownship-il.gov.