Seniors wishing to participate in the Senior Citizens Real Estate Tax Deferral program can sign up starting Jan. 1, McHenry County Treasurer Donna Kurtz announced in a county news release.

The program basically provides a loan of up to $7,500 to pay a senior citizen’s tax bill.

The maximum household income to be eligible for the program is $75,000, which is up from the previous $65,000 limit. State officials previously halved the interest rate from 6% to 3%, according to the release.

In addition to being at least 65 years old by June 1 and have a total income of less than $75,000, other requirements include:

• Living on the property or other qualifying property for the last three years.

• Having equity in the property.

• Having no unpaid property taxes or foreclosures and

• Having fire and casualty insurance for the property.

“Upon qualification, a lien for the deferred amount will be filed on the qualifying property,” according to the release.

The deferred amounts are repaid when the property is sold or transferred or within a year of the property owner’s death.

Applications are available on the treasurer’s website, treasurer.mchenrycountyil.gov.

Applications need to be submitted by March 1 and officials said there would be no extensions.

“With the increase in maximum income to be eligible, even more seniors can take advantage of the Senior Citizens Real Estate Tax Deferral Program, which offers our seniors a cost-effective way to defer their property-tax bill if they need to, freeing up funds to pay for other pressing expenses,” Kurtz said in the release.

Anyone who is interested in learning more about the program can call the treasurer’s office at 815-334-4260, Kurtz said. After hours calls will be returned the next workday, Kurtz said in the release. People can also contact the treasurer’s office by email at treasurer@mchenrycountyil.gov.

Kurtz also encouraged seniors to take advantage of other available exemption options that can help ease their property tax burden. For more information about those exemptions, people can call the McHenry County Assessments Office at 815-334-4290 or email the office at assessments@mchenrycountyil.gov.