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When must amounts due under the Senior Citizens Real Estate Tax Deferral Program be repaid?
The deferred tax amounts, plus the accrued interest, must be paid before a sale or transfer of such real estate may be closed and recorded unless the collector certifies in writing that an arrangement for prompt payment of the amount due has been made with his office. The same shall apply if the property is to be made the subject of a contract of sale.
Upon the death of the taxpayer claiming the deferral, the deferred tax amounts, plus the accrued interest, must be paid in full before the heirs-at-law, assignees, or legatees can have priority to the real property upon which taxes have been deferred. However, if a surviving spouse is the heir-at-law, assignee, or legatee, the tax deferred status of the property may be continued during the life of that surviving spouse if the spouse is 55 years of age or older within six months of the date of death of the taxpayer and enters into a tax deferral and recovery agreement before the time when the deferred taxes become due according to Section 3 of the Senior Citizens Real Estate Tax Deferral Act (320 ILCS 30/1 et. seq.).
In addition, deferred real estate taxes and any interest accrued thereon are due within 90 days after any tax deferred property ceases to be qualifying property as defined in Section 2 of the Senior Citizens Real Estate Tax Deferral Act (320 ILCS 30/1 et. seq.).