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What is the Senior Citizens Real Estate Tax Deferral Program?

Answer #385 -- ( Published 10/20/2005 12:09 PM | Updated 07/12/2017 10:40 AM )

What is the Senior Citizens Real Estate Tax Deferral Program?

What is the Senior Citizens Real Estate Tax Deferral Program? The Senior Citizens Real Estate Tax Deferral Program provides tax relief for qualified senior citizens by allowing them to defer all or part of their property tax and special assessment payments on their principal residence. The deferral is similar to a loan against the property's fair market value. Deferred amounts are borrowed from the state, who then pays the tax bill to the County Collector's Office. Interest on the amount paid by the State accumulates and a lien is placed on the property for all deferred tax payments and interest.

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