FAQs about property taxes in Illinois

On Behalf of | Mar 1, 2022 | property tax appeals | 0 comments

If you own property, either commercial or residential, in Illinois, you pay property taxes. You can divide property into two separate categories – real and personal.

According to the Illinois Department of Revenue, real property refers to land and any permanent improvements on it, like buildings, driveways, landscaping and sewers, while personal property includes items like money, furniture and cars. In Illinois, you only pay property taxes on real property.

Who pays property taxes?

Anyone who owners agricultural, commercial, industrial or residential property pays property taxes. Although renters do contribute to property taxes, they do this indirectly when they pay their rent.

Where do property taxes go?

Proceeds from property taxes do not go to the state government. Rather, these taxes go to the different taxing districts to fund the different services provided by local governments. School districts receive the majority of property taxes to fund their operations.

What does the property tax cycle look like?

Typically, property taxes run on a two-year cycle. The steps include the assessment of the property, a formal review of the assessment decisions, state equalization, a levy completed by the county clerk, a calculation of the tax rate and then the collection and distribution of the taxes.

Although you may assume you pay the correct amount in property taxes on your home or business location on a yearly basis, this does not always happen. If you suspect that you pay too much in property taxes, you may want to look into this situation further to establish your rights.