Reinvestment Refund

Residents who sell their principle residence and in turn re-invest in another property located within the Village may apply for a refund of $2 of every $3 per thousand in Real Estate Transfer Taxes provided the following:

• The property for which the tax was paid was owned and occupied by the grantor/seller as the principle residence; and
• The grantor/seller did not rent or lease any portion(s) of the dwelling or real property sold to another person(s); and
• The grantor/seller buys or builds a single-family dwelling or condominium unit within the Village corporate limits within one (1) year from payment of the tax sought to be refunded;
• Application for refund must be received within one (1) year from payment of the tax sought to be refunded; and
• The grantor/seller owns and occupies the single-family dwelling or condominium unit as his principle residence.

To apply for a Reinvestment Fund please complete and return one signed original of the Request for Refund form.

 
Senior Citizen Refund
 
Senior residents 65 years and older may also request a one-time refund of $2 of every $3 per thousand in Real Estate Transfer Taxes paid provided that the grantor/seller:

• Is sixty-five years of age or older; and
• Has owned or occupied the property as the principle residence for more than one (1) year prior to its sale or transfer; and
• Did not rent or lease any portion(s) of the dwelling or real property sold to another person(s);
• Application for refund must be received within one (1) year from payment of the tax sought to be refunded; and
• If the property was owned by more than one person, at least one such owners is sixty-five (65) years of age or older, and said person has owned and occupied the dwelling as the principle residence for more than one year prior to its sale, and did not rent or lease any portion(s) of the dwelling or real property to any other person(s). In the event any co-owner who is sixty-five (65) years of age or older dies prior to the sale of a qualifying dwelling, the surviving co-owner who is at least sixty (60) years of age at the time of the sale of said dwelling shall be entitled to the refund.

To apply for the Senior Citizen Refund, please complete and return one signed original of the Request for Refund form.