Senior Citizens Real Estate Tax Deferral Program

This program allows persons 65 years of age and older, who have a total household income of no more than $55,000 and meet certain other qualifications, to defer all or part of the real estate taxes on their principal residences. The deferral is similar to a loan against the property’s market value. A lien is filed on the property in order to ensure repayment of the deferral. The state pays the property taxes and then recovers the money, plus 6 percent annual interest, when the property is sold or transferred. The deferral must be repaid within one year of the taxpayer’s death or 90 days after the property ceases to qualify for this program. The maximum amount that can be deferred, including interest and lien fees, is 80 percent of the taxpayer’s equity interest in the property.  The maximum deferral each year is limited to $5,000.

To apply for real estate tax deferrals, Forms PTAX-1017-TD, Application for Deferral of Real Estate Taxes, and PTAX-1018-TD, Real Estate Tax Deferral and Recovery Agreement, must be completed.

Click here for more information (PDF file)

Click here to download printable application forms.

Applications for the Senior Deferral Program must be submitted by March 1.  Contact the Boone County Treasurer’s Office for further information.