This form is a contract for the lease of personal property. The lessor demises and leases to the lessee and the lessee takes and rents from the lessor certain personal property described in Exhibit "A".
Personal Property Document With Tax In Chicago
Category:
State:
Multi-State
City:
Chicago
Control #:
US-00123
Format:
Word;
Rich Text
Instant download
Description
Free preview
Form popularity
FAQ
11% of receipts or charges for all leases, including the non-possessory lease of a computer to input, modify, or retrieve data supplied by the customer. As of 1-1-2021: 9% of receipts or charges for all leases, including the non-possessory lease of a computer to input, modify, or retrieve data supplied by the customer.
Under the new legislation, rentals of TPP in the City of Chicago are treated differently than the rest of the state. That's because the city has its own locally imposed and administered non-titled personal property lease transaction tax imposed at a 9% rate on various types of leases, including those of TPP.
It's also worth noting that many states, but not Illinois, tax “personal property” like cars, boats and business equipment. The 1970 Illinois constitution banned personal property taxes.
Where to Report Personal Property on Your Taxes. Claim the itemized deduction on Schedule A – State and local personal property taxes (Line 5c). Taxes you deduct elsewhere on your return — like for a home office or rental — don't qualify for this deduction.
Effective January 1, 2021, the lease tax rate is 9% for all taxable transactions. In addition, Chicago will begin applying an economic nexus standard to remote vendors starting July 1, 2021. Chicago imposes lease tax on leases/rentals of all property, other than real property, in Chicago.
Real property taxes are assessed on agricultural, commercial, industrial, residential and utility property. Personal property is property that is not permanently affixed to land: e.g., equipment, furniture, tools and computers. Personal property taxes are assessed only on property that is used in business.
You can view your tax records in your Individual Online Account. This is the fastest, easiest way to: View, print or download your transcripts.
The Treasurer's phone number is (312) 443-5100 and the County Clerk's phone number is (312) 603-5656. To receive a duplicate of the current tax bill by mail, you may also visit the Treasurer's Web site at okcountytreasurer.
Property tax bills are mailed twice a year by the Cook County Treasurer. Your first installment is due at the beginning of March. By law, the first installment property tax bill is exactly 55% percent of the previous year's total tax amount.
The current tax bill can be obtained from the Cook County Treasurer's Office. Tax bills for previous years are handled by the Cook County Clerk's Office.