Illinois Codes for Classification of Property are the statutes of the state of Illinois that define the types of property that can be held in the state, and how that property is classified for taxation purposes. The property types that can be held in Illinois include real property (land and buildings), personal property (movable items like furniture, vehicles, etc.), and intangible property (stocks, bonds, etc.). The types of property classification in Illinois include residential, commercial, industrial, agricultural, and exempt. Residential properties are those used as a primary residence, commercial and industrial properties are those used as businesses or for manufacturing, agricultural properties are those used for farming or livestock, and exempt properties are those that are not subject to taxation.
Illinois Codes for Classification of Property
Description
Key Concepts & Definitions
Codes for classification of property refer to a systemized set of codes used primarily in the United States to categorize different types of real and personal property for various purposes including taxation, zoning, and sales. These codes help in efficient data collection, analysis, and legal clarity.
Step-by-Step Guide
- Identify the Property Type: Determine whether the property is residential, commercial, industrial, or land.
- Refer to Local Guidelines: Check local government websites or offices for specific coding guidelines applicable to your area.
- Apply the Correct Code: Use the appropriate code from the local classification system to categorize your property correctly.
- Verification: Verify the classification with a local assessor or a legal advisor to ensure accuracy.
- Update as Needed: Reassess the classification if there are significant changes to the property or its use.
Risk Analysis
Misclassification of property can lead to significant legal and financial consequences including incorrect taxation and fines. It is crucial to ensure accurate property classification to avoid potential risks of non-compliance with local regulations.
Key Takeaways
- Proper classification of property is essential for legal compliance and accurate taxation.
- Always refer to updated local codes as classifications can vary by jurisdiction.
- Consult with legal or real estate professionals if unsure about the correct classification code for your property.
Terminology Glossary
- Real Property: Land and anything permanently affixed to it, such as buildings.
- Personal Property: All property that is not considered real property, such as vehicles and equipment.
- Zoning: Regulations governing the use and development of land.
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FAQ
Help improve lawinsider.com! Land Use Class 2 means lots identified as such on the Assessment Roll, which are referred to as single-family in the and being generally lots with approximately square feet size and a lot width of 50 feet for a detached single family dwelling unit on individually platted lots.
Property Class Types ClassDescription3BFarmland qualified4ACommercial4BIndustrial4CApartments4 more rows
Class III: All real and personal property situated outside a municipality that is not taxed in Class I or Class II. Class IV: All property situated inside a municipality that is not taxed in Class I or Class II.
Class I (1) soils have slight limitations that restrict their use. Class II (2) soils have moderate limitations that reduce the choice of plants or require moderate conservation practices. Class III (3) soils have severe limitations that reduce the choice of plants or require special conservation practices, or both.
Real property may be classified ing to its general use as residential, commercial, agricultural, industrial, or special purpose.
A legal description is the written way of defining the property's location, boundaries, and any existing easements on the property. The legal description is commonly provided in a deed, mortgage, title commitment or other purchase document.
Class 1 property is home property and Class 2 property is non-home property.
If you qualify for the Illinois Property Tax Credit, you will need your Property Index Number, sometimes called "parcel number" or "permanent index number." This number is located on your county tax bill or assessment notice (for property tax paid on your principal residence during the tax year for which you are filing