Schaumburg Township Important Property Tax Information for Senior Citizens
Schaumburg Township residents 65 years of age or older should have received renewal forms for senior citizen property tax exemptions this week and will have until Wednesday, Feb. 3 to file them. The forms are also available on the Cook County Assessor's website under FORMS.
Senior tax exemptions include:
Senior Exemption: available to all seniors regardless of income.
Senior Freeze: provides some seniors with additional savings if the combined income of all members in the household is less than $55,000 and if the senior has been an owner-occupant of the property since Jan. 1, 2014.
Local seniors are encouraged to call the Township of Schaumburg Assessors Office at (847) 884-0030 for help completing the forms.
In addition, senior citizens struggling with property taxes can defer payment of their property taxes until their homes or condominiums are sold. The Senior Citizen Tax Deferral Program allows seniors to defer as much as $5,000 of their property tax bill every year. To qualify for the deferral program, seniors must have annual household income of less than $55,000, have equity in their homes that exceeds the sum of property taxes deferred, and have lived in their homes for three years. Small multi-family properties such as two-flats that generate rental income are not eligible for the program. Applications much be submitted by Tuesday, March 1. More information can be found on the assessor's website.