Bill Personal Property Form For Central Government Employees In Chicago
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FAQ
“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.
Property taxes are determined by the Cook County Assessor based on a property's assessed value. Assessed value is not the same as market value. Please note that property owned by the City is not taxed because it is owned by a government agency.
The Illinois Constitution currently only authorizes the taxation of “real property” and forbids the taxation of “personal property.” Illinois is unlike some states in this. Many states tax personal property as well as real property; some even impose personal property tax on both individuals and businesses.
The Personal Property Lease Transaction Tax applies to businesses or individuals that either are a lessor or lessee of personal property used in Chicago.
Illinois has a flat 4.95 percent individual income tax rate. Illinois has a 9.5 percent corporate income tax rate. Illinois also has a 6.25 percent state sales tax rate and an average combined state and local sales tax rate of 8.86 percent.
What is an st1 form Illinois? You must file Form ST-1, Sales and Use Tax and E911 Surcharge. Return, if you are making retail sales of any of the following in Illinois: general merchandise, qualifying foods, drugs, and medical appliances, and/or prepaid wireless telecommunications service.
Personal property can be broken down into two categories: chattels and intangibles. Chattels refers to all type of property. Often, individuals use it regarding the tangible property such as a purse or clothing. Some chattels are attached to land and can become a part of real property, which are known as fixtures.
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. The Treasurer's phone number is (312) 443-5100 and the County Clerk's phone number is (312) 603-5656.
