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   Is Illinois a personal property tax state?

   • Illinois is unlike some states in this. Many states tax personal property as well as real property; some even impose personal property tax on both individuals and businesses. About 20 percent of states impose a personal property tax on business inventories. In short, every state does it a bit differently.

   Illinois Property Tax Made Simple-ish

   www.icpas.org/information/copy-desk/insight/article/winter-2016-17/illinois-property-tax-made-simple-ish

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   How did Illinois replace personal property taxes?

   • a replacement for personal property taxes. The legislature even attempted to amend the Illinois Constitution to strike that equirement, a plan that ultimately failed.law enacted in 1979 created Personal Property Replacement Tax (PPRT), a mechanism to replace revenues lost by local governments wh

   Personal Property Replacement Taxes (PPRT) - IML

   iml.org/file.cfm?key=14820

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   What is the Illinois personal property tax replacement income tax?

   • To keep local governments from suffering revenue losses, the Illinois General Assembly was authorized to impose non-property taxes to replace personal property tax revenues, resulting in the Personal Property Tax Replacement Income Tax.

   Illinois Property Tax Made Simple-ish

   www.icpas.org/information/copy-desk/insight/article/winter-2016-17/illinois-property-tax-made-simple-ish

   See all results for this question

   Are personal property taxes eliminated in Illinois?

   • n personal property taxes were eliminated. The legislation included certain surcharges and taxes on corporations, partner hips, S corporations an the invested capital of a public utilityThe law requires the Illinois Department of Revenue (IDOR) to collect these taxes and allocate 51.65% to local governments in Cook County and 48.35% to l

   Personal Property Replacement Taxes (PPRT) - IML

   iml.org/file.cfm?key=14820

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   What is the property tax rate in Illinois & Indiana?

   • Illinois taxes personal property at 4.75% of its total property tax base and has an effective property tax rate of 1.73%. Indiana taxes personal property at 9.87% of its total property tax base and has an effective property tax rate of 0.85%.

   What U.S. States Have Personal Property Tax? - LegalMatch

   www.legalmatch.com/law-library/article/which-states-tax-personal-property.html

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   Which state taxes personal property?

   • Colorado taxes personal property at 10.77% of its total property tax base and has an effective property tax rate of 0.6%. Connecticut taxes personal property at 29.01% of its total property tax base and has an effective property tax rate of 1.63%. Delaware does not have personal property taxes and has an effective property tax rate of 0.43%.

   What U.S. States Have Personal Property Tax? - LegalMatch

   www.legalmatch.com/law-library/article/which-states-tax-personal-property.html

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2. tax.illinois.gov › localgovernments › personalPersonal Property Replacement Tax - Illinois Department of ...

   tax.illinois.gov › localgovernments › personal

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   Personal property replacement taxes (PPRT) are revenues collected by the state of Illinois and paid to local governments to replace money that was lost by local governments when their powers to impose personal property taxes on corporations, partnerships, and other business entities were taken away.

   • Property Taxes

     Property Taxes. Real Estate Transfer Tax – Individuals,...

3. www.legalmatch.com › law-library › articleWhat States Have Personal Property Tax? (Get Legal Help)

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   Aug 29, 2023 · While some states, such as Illinois and Ohio, do not impose personal property taxes at all, others, such as Vermont and Kansas, do. Still, some other states only apply personal property taxes on certain types of property, like vehicles. Here is a summary of the states that have personal property taxes and their effective property tax rates:

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5. Videos

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     2:56

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     How the Illinois Property Tax System Works

     2 May 2018

     2.9K views

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     1:16

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     Illinois to begin sending out property tax and income tax rebates

     12 Sep 2022

     4.6K views

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     1:14

     nbcchicago.com

     You May Qualify For an Illinois Property Tax Rebate. Here's How to Find Out If You're Eligible

     29 Sep 2022

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6. www.icpas.org › information › copy-deskIllinois Property Tax Made Simple-ish - ICPAS

   www.icpas.org › information › copy-desk

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   The Illinois Constitution currently only authorizes the taxation of “real property” and forbids the taxation of “personal property.” Illinois is unlike some states in this. Many states tax personal property as well as real property; some even impose personal property tax on both individuals and businesses.

7. www.gcrealtyinc.com › blog › everything-you-need-toEverything You Need to Know About Property Taxes in Illinois

   www.gcrealtyinc.com › blog › everything-you-need-to

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   Apr 14, 2022 · In Illinois, the tax is calculated based on the value of the land. In other locations in the United States and around the world, however, tangible personal property like cars and boats are sometimes included in the calculation.

   • Location: 219 E Irving Park Rd, Roselle, 60172, IL

   • Phone: (630) 587-7400

8. tax.illinois.gov › research › taxinformationProperty Taxes - Illinois Department of Revenue

   tax.illinois.gov › research › taxinformation

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   Property Taxes. Real Estate Transfer Tax – Individuals, Title Companies and Settlement Agencies. MyDec at MyTax Illinois - used by individuals, title companies, and settlement agencies to submit, approve, or reject Real Property Transfer Tax Declarations (replaces the EZDec system).

9. iml.org › filePersonal Property Replacement Taxes (PPRT) - IML

   iml.org › file

   From 1971 to 1979, the Illinois General Assembly struggled to find a replacement for personal property taxes. The legislature even attempted to amend the Illinois Constitution to strike that requirement, a plan that ultimately failed. A law enacted in 1979 created Personal Property Replacement Tax (PPRT), a mechanism to replace revenues lost by ...

10. lyallcpa.com › tips › which-states-have-businessWhich States Have Business Personal Property Tax?

    lyallcpa.com › tips › which-states-have-business

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    Business personal property tax is based on a list of your assets. However, not all states tax these assets in the same way. If a state does tax business personal property, not all states follow the same tax rules, codes, or even have the same deadlines.