Personal Property With Replacement Cost In Illinois
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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.
Insurance companies calculate “depreciation” by figuring out how old what was lost or damaged is, then reducing its value by a determined percentage for each year we had the lost or damaged item.
Generally Responsible: In most Illinois transactions, the sellers normally pays for transfer tax, as they are the ones transferring ownership of the home.
Clothing, vehicles, jewelry, and business equipment are examples of tangible personal property. Retailers' occupation and use taxes apply when tangible personal property is sold at retail to be used or consumed in Illinois.