Illinois Property Tax Information
Property taxes in Illinois have skyrocketed since 2010, according to an analysis performed by the Tax Policy Center. In fact, property taxes have become so high in Illinois that it ranks as the state with the 2nd highest property taxes in the nation. In just two years the tax property rate has increased by 18 percent, which affects all property owners in the state, including owners of commercial and industrial property.
Advantages and Disadvantages of Property Taxes
As with everything, there are both advantages and disadvantages to Illinois’s high property tax rate. Of course, supporters of the high property taxes argue that the higher taxes are needed to provide local governments with the money that they need to support public services such as public schools, public transportation, roads and highway development, public libraries, police protection, fire protection services and other county services.
On the other side of the debate are those who oppose the higher taxes. They argue that the higher taxes discourage new commercial businesses and industrial development from moving to the area. Additionally, the high taxes discourage new homeowners and homesteaders from purchasing or building in the state. These opponents argue that tax caps are long overdue in Illinois to stabilize the soaring property tax rates.
Taxed Property in Illinois
Although there isn’t a state property tax in Illinois, the local governments levy the taxes that they wish on Illinois property owners. Only real property is taxed in Illinois, which basically means that land and any permanent improvements done to property is taxable. Personal property includes items such as automobiles, livestock, furniture and money. In 1970, the Illinois legislature enacted a bill that abolished personal property taxes. Up until 1979, though, corporations, partnerships, limited partnerships, joint ventures and other similar entities continued to pay personal property taxes. Now, however, business entities pay a replacement tax on income and capital that is invested to the state rather than on personal property. The money collected from these taxes is then distributed to local government taxing districts in proportion to the amount those districts received from personal property tax in 1977.
That way that property tax is assessed is by the property tax rate and the assessed value of the property. Property is generally assessed at its full market value in Illinois, but when it comes to determining the value of commercial and industrial property, the process can be much more complex than that of determining the value of other types of property. Many factors must be taken into consideration to determine what certain types of equipment are worth. Therefore, it is oftentimes possible for business owners to have their property overassessed by county assessors.
That is where Assessment Technologies experts come in. Business owners who believe their property was wrongly assessed can get Assessment Technologies experts to conduct their own assessments of their commercial and industrial property using their experts who are specially trained in all the elements that affect the value of such equipment. If Assessment Technologies determines that a business owner’s property was, indeed, overassessed, they can help the owner prove that and get a reduction in his or her taxes.
Illinois Property Tax Resource: http://home/oviedohomes/public_html.revenue.state.il.us/localgovernment/propertytax/