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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.
Aug 29, 2023 · 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%.
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
Learn about personal property taxes, including what qualifies as taxable property, how taxes are assessed & payment requirements. Get insights into exemptions & how to manage your personal property tax obligations.
Illinois has around 6,000 units of local government and many of them levy and collect taxes on property. What's taxed? 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.
Mar 5, 2024 · Fourteen states broadly exempt tangible personal property from taxation, while another 10 impose taxes on TPP but offer de minimis exemptions to avoid unduly burdening businesses with only a small amount of potentially taxable property.
Jan 30, 2024 · If a nonresident’s estate includes real estate or tangible personal property in Illinois, the estate could be subject to Illinois estate tax based on the value of that property. Notably, intangible assets like stocks or business interests are exempt from this state tax.
