Chicago, Illinois Tax Law Blog
What is the real estate transfer tax?
Residents across the United States know that taxes are part and parcel of today's world. The income generated through taxation may often fund important infrastructure efforts and programs. However, it is important that taxes be fairly assessed and understood by those...
What are ways to build an assessment appeal?
Even if you have fully paid your mortgage, a high property tax bill can continue to make your home a burdensome expense. So if you feel your property taxes are too high, you should think about whether your assessor has accurately assessed your home. There are ways you...
Why did my property taxes increase?
In the state of Illinois, there is no single set rate for property tax. This means that the tax on your property depends on the equalized assessed value of that property as well as the amount of money that your local district determines is necessary for its operation....
Illinois’ property taxes are the nation’s second highest
Illinois residents face some of the highest property taxes in the nation, even though the median home value in the state is relatively low in comparison with many other parts of the nation. There are a number of factors driving the state’s sky-high property taxes, and...
What is different about the Illinois property tax assessment process?
Not understanding property tax assessments is a common issue, especially in Illinois where the law is a little different than the standard followed in most other areas. According to Curbed Chicago, the property tax assessment process in Illinois is undergoing some...
What consumer tax laws do you see in Illinois?
Illinois residents like you pay taxes on many things. It is important to understand where your money is going. Consumer tax is one of the biggest daily taxes you will deal with. These taxes come from different places. Knowing where your tax dollars go in consumer laws...
When will commercial property taxes be due in 2020?
Owners of commercial property in the Chicago area have a lot to think of when it comes to their bottom line, and one financial aspect of owning a business is property taxes. It is essential that property taxes are paid on time to avoid late payment penalties, which...
How the graduated income tax might work for Illinoisans
Taxes play a big role in take-home pay. Because of this, the federal government taxes individuals based on various income brackets. Illinois has made the recent proposal to get on board with this. One of the big, supporting arguments for graduated income tax is that...
What factors affect your residential property taxes?
Getting your property tax assessment may be something you have come to dread, especially if your taxes seem to steadily increase. However, it is possible to appeal your property tax assessment and potentially reduce the amount you have to pay. There are several...
Property tax pressures on nonprofit and for-profit hospitals
Property taxes are a push and pull kind of game. The Illinois government wants to leverage what they can, as these taxes go to public expenses in need of funding. But as a hospital, costs are some of the most important factors to consider in order to provide top-tier...
