Personal Property Statement With No Intrinsic Value Called In Illinois
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Properties of religious, charitable, and educational organizations, as well as units of federal, state and local governments, are eligible for exemption from property taxes to the extent provided by law.
“Tangible personal property” exists physically (i.e., you can touch it) and can be used or consumed. Clothing, vehicles, jewelry, and business equipment are examples of tangible personal property.
Production-related tangible personal property means all tangible personal property primarily used or consumed in the production related process. For Illinois, the property must be by an Illinois manufacturer in the manufacturing process.
Sales tax revenue from stores at Oakbrook Center is a major reason the village doesn't levy a property tax. Oak Brook prides itself on not levying a municipal property tax, something residents in only 3 percent of Illinois towns can say.
The assessed value is 33 1/3 percent of the property's fair market value, excluding farmland and farm buildings. Illinois Department of Revenue General Property Tax Information and Resources - This includes an overview of how property taxes are calculated in Illinois and information about appeals and exemptions.
Real Estate Transfer Declaration PTAX-203-A (PDF) - Form and instructions for Illinois Real Estate Transfer Declaration PTAX-203-A for non-residential property over $1 million and/or as required by Illinois Department of Revenue.
Assets can be tangible or intangible. An intangible asset is a non-monetary asset that cannot be seen or touched. Tangible assets are physical assets that can be seen, touched and felt.
“Tangible personal property” exists physically (i.e., you can touch it) and can be used or consumed. Clothing, vehicles, jewelry, and business equipment are examples of tangible personal property.