Illinois Property Taxes — Home Value Appraisals — Make Professional Floor, Building & Landscaping Plans — Cheap Mortgage Refinance Rates
Home Value Appraisals, Property Tax Appeals
Illinois Property Taxes Home Property Valuation Illinois Property Tax Appeal and House Appraisal tutorial for home value appraisals and how to establish the market value of residential property and pursue a winning property tax appeal.
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The property tax is a local tax, imposed by local government taxing districts which include counties, townships, municipalities, school districts, special districts, etc. Property tax is administered by local officials. In Illinois, the property tax is imposed on the value of real property (typically land, buildings, and permanent fixtures) owned. Illinois does not have a state property tax.
Home Property Valuation Exemptions
Senior Citizens Real Estate Tax Deferral Program —
This program allows qualifying seniors to defer (i.e., delay payment of) all or part of their real estate taxes or special assessment on a principal residence (up to 80 percent of equity). The state pays the taxes and files a lien on the property to ensure repayment. The deferral must be repaid, plus 6 percent annual interest, within one year of the property owner’s death or 90 days after the property no longer qualifies.
• The property owner must be at least 65 years old by June 1, have a total household income no greater than $40,000, and meet certain other requirements. For more information contact your county treasurer.
Circuit Breaker Program —
This program provides an annual grant to qualifying low-income senior and disabled persons for relief from property tax, mobile home tax, rent, or nursing home charges under the Senior Citizens and Disabled Persons Property Tax Relief and Pharmaceutical Assistance Act.
• Eligible senior citizens may receive benefits under both the Circuit Breaker and Homestead Exemption programs. For a full explanation click Illinois Property Tax Manual
Personal income tax
• Illinois' tax has a flat 3 percent tax calculated by multiplying net income by a flat rate, currently 3 percent.
Sales Tax
• Illinois sales tax rates listed are combined rates and include state tax of 6.25 percent on general merchandise and 1 percent on qualifying food, drugs, and medical appliances. Also, depending upon the sales location, the rates may include combinations of one or more of the following:
mass transit tax, water commission tax, municipal home rule tax, municipal non-home rule tax, county home rule tax, county public safety or transportation tax, metro-east park and recreation district tax and can raise the total to 8.5%.
• The top five states where the tax burden as a percent of income is the highest are: Maine (13.0%), New York (12.0%), Hawaii (11.5%), Rhode Island (11.5%), and Wisconsin (11.4%). The United States average is 10.1%. The District of Columbia is 12.2%.
• The five states with the lowest tax burden as a percent of income are: Alaska (6.4%) 50th, New Hampshire (7.4%) 49th, Delaware (8.0%) 48th, Tennessee (8.3%) 47th, and Alabama (8.7%) 46th. See effective state tax burden table
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