In the United States, most authorities below the state level levy a tax on real property interests (land, buildings, and permanent improvements) that are considered ownership rights under state law. Each jurisdiction has its own set of rules. Certain characteristics, on the other hand, appear to be almost ubiquitous. Certain categories of commercial personal property, such as inventory and equipment, are also taxed in some jurisdictions. Property taxes are rarely levied by states.
The same property may be taxed by many jurisdictions. County or parish governments, cities and/or towns, school districts, utility districts, and special taxation bodies differ by state. Only a few states levy a property tax. The tax is calculated using the subject property’s fair market value and is applied to it on a certain date. The tax is payable by the owner of the property at that time.
The assessor usually notifies the last known owner of the property once the valuation has been determined. The tax amount determined may be included in these mailings. After then, the property owner has the option to challenge the value. Property values are usually subject to examination by a board of review or equivalent agency, which a property owner might challenge.
What is the estimated price of property taxes in Illinois?
Property tax invoices or letters are mailed to property owners when the valuations have been decided. The length of time it takes to receive payment and the terms on which it is made are all different. If a property owner fails to pay the tax, the taxing jurisdiction has a number of collection options, including property seizure and sale in certain situations. Property taxes are a lien on the property that also applies to transferees.
- Avg. property taxes paid: 2.05% of home value
- Per capita property taxes: $2,239 (8th highest)
- Median home value: $203,400 (25th highest)
- Homeownership rate: 66% (24th lowest)
- Median household income: $65,030 (15th highest)
Illinois’ effective property tax rate of 2.05 percent is the highest in the Midwest and the second highest in the country. The state’s public education spending is relatively high, as it is in many states with higher than average property taxes. The state spends $15,337 per student per year, far more than the national average of $12,201.
Check Your Property Tax in the State of IL
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