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Illinois property tax comes under the responsibilities of Illinois Department of Revenue. The Illinois citizens having real property like house, commercial building or land are liable to pay property tax to the government in the state.
The property tax collected is the largest single tax in Illinois and is the major source of revenue to the government. The Illinois property tax is collected at the local level and Illinois does not have any state property tax. The property can be sub-divided into two categories in Illinois - real property and personal property. The real property is referred to the houses, land and any permanent improvement done on that while apart from the real property, every other property is personal property. The typical examples of real properties are - buildings, landscapes, fences sewers, driveways and drains while the examples of personal property include cars and automobiles, money, furniture and livestock. In Illinois only the real properties are taxed while the taxation on the personal property was abolished by the 1970 Illinois constitution.
Directly or indirectly, everybody in Illinois pay property tax. The owners of industrial, commercial and agricultural properties and homeowners pay a direct property tax in Illinois while the people staying in rented houses also pay property tax through their payment of rents to the landlords.
The typical process of calculating and implementing property tax in Illinois include six steps, which get completed in two years. First the property is assessed against a monetary value by the local accessing officials. Along with the local county board, the Illinois Department of Revenue also takes part in the value assessment of the property. Then the county board of review generates a report on whether the assessment of the property by the local officers is correctly done. The Illinois Department of Revenue then equalizes the assessments among the various counties. The taxing district then decides on the amount of tax to be imposed on the particular property. The county clerk then applies the state equalization factor and calculates the tax to be imposed. The last step of property tax cycle includes collection and distribution of the property tax by the local governments.