ARE YOU TURNING 65 THIS YEAR?

Senior Property Tax Exemptions and Tax Deferral Programs

Senior Homestead Exemption

If you turned 65 at any time during the tax year, the equalized value of your home will be lowered by $5,000. You must notify the Moraine Township Assessor’s Office to initiate this exemption or file online at https://lakecountyilpaefile.tylertech.com/lake_il_sf (input email and password and search for homestead exemption form). Once you have registered, you do NOT have to renew as long as you remain at that address and it is your primary residence.

Senior Citizen Assessment Freeze Homestead Exemption

If you are 65, qualified for the (above) Senior Homestead Exemption, AND have a total household income of $65,000 or less, the assessed value on your property is frozen. Please note that this does NOT affect the tax RATE. Contact the Moraine Township Assessor’s Office to initiate this exemption or file online at https://lakecountyilpaefile.tylertech.com/lake_il_sf (input email and password and search for senior freeze exemption form). Contact the Moraine Township Assessor’s Office with questions. This Freeze Exemption must be renewed annually.

Senior Citizens Real Estate Tax Deferral Program

The Senior Citizens Real Estate Deferral Act (320 ILCS 30/1 et seq.) allows qualified senior citizens to elect to defer all or part of the property taxes and special assessments on their principal residences.

The principal residence is the homestead portion of the property and is the only portion of the property for which you can apply for deferral of taxes.

The property taxes and special assessments do not become due until after the death of the property owner or when the real estate is sold or no longer qualifies.

A lien is placed on the property and interest is assessed at 6% simple interest rate per year.

Who is eligible?

To qualify for the tax deferral you must:

  • be 65 years of age or older by June 1 of the tax year;

  • have a total household income of no more than $55,000;

  • have lived in the property or other qualifying property for at least the last three years;

  • own the property, or share joint ownership with your spouse, or you and your spouse must

    be the sole beneficiaries of an Illinois land trust;

  • have adequate insurance against fire or casualty loss; and

  • have no unpaid property taxes and special assessments on the property.

Important Dates

The filing deadline for the program is March 1 of the tax year. Applications are available from the Lake County Treasurer 847-377-2323.