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Tax Summary
- Illinois assesses a flat income tax of 3% based largely on the Federal IRS guidelines.
- Personal exemption for a single individual is $2,000. Exemption for a married couple is $4,000. Dependents earn an exemption of $2,000 each.
- Sales tax in Illinois is 6.25% for most items, and 1% for most foods, drugs and medical devices.
- There are additional sales taxes of varying amounts depending upon which municipality you reside in.
- Property taxes are imposed by local government agencies, including counties, townships and school districts as well as "special tax districts."
- Property taxes are assessed at 33.33% of fair market value.
- Farmland is assessed based on its income producing ability.
- Cook County has different guidelines for: vacant land, single-family homes, apartments, commercial property, and industrial property. Contact the assessor’s office for information on these rates, which change frequently.
- There are five homestead exemptions for Illinois homeowners:
- General Exemption up to $3,500, or $4,500 in Cook County
- Senior Citizen’s Freeze allowing senior citizens with income less than $40,000 to maintain the assessed value of their home at a base year.
- Senior Citizens Exemption allows a $2,000 reduction ($2,500 in Cook County) in the assessed value for persons over 65.
- Improvement Exemption is for the cash value of improvements to the property up to a maximum of $45,000.
- Disabled Veteran's Exemption up to $58,000 of assessed value for certain homes owned and occupied by a disabled veteran or surviving spouse.
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