Illinois Property Tax Calculator

If you get a larger refund or smaller tax due from another tax preparer, we’ll refund the applicable TurboTax Live Full Service federal and/or state purchase price paid. If you pay an IRS or state penalty because of an error that a TurboTax tax expert or CPA made while acting as a signed preparer for your return, we’ll pay you the penalty and interest. A myriad of taxes — such as property, license, state and local sales, inheritance, estate, and excise taxes — can eat away at your income. Often, the biggest tax ticket citizens face after paying the Internal Revenue Service is the one their state presents. As a result, identifying the states with the lowest taxes might be a smart financial move to make. A myriad of taxes—property, license, state and local sales, property, inheritance, estate and excise taxes on gasoline—eat away at your disposable income.

Weighing the tax landscape against your financial picture could help you stretch your dollars further. • Eight states have no personal income tax, including Alaska, Florida, Nevada, South Dakota, Tennessee, Texas, Washington, and Wyoming. The website Wallethub.com feels your pain and compiled a study showing the states with the highest and the lowest tax rates. WalletHub’s analysis showed Illinois with the highest overall effective state and local taxes, and the second-highest real estate taxes in the country. Analyst Jill Gonzalez said Illinois’ gas taxes catapulted the state to the top of the tax rankings.

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Compared to inflation, property taxes are 50 percent higher today than what they were 20 years ago, for a net gain of $9 billion. Every single class of properties subject to property taxes has contribute to that growth. Another report shows that Illinois ranks 44th in business tax competitiveness when it comes to property taxes. In other words, Illinois has the seventh-most burdensome tax structure with regard to property taxes. Other reforms, such as reducing the number of taxing districts and creating new transparency and financial-planning requirements would result in greater efficiencies and would also reduce Illinoisans’ overall property-tax burden.

When cities and towns face dangerously high pension costs, they are forced to raise property taxes to cover shortfalls. So, residents pay more in taxes towards past government services and see fewer benefits from current government services for their money. The higher taxes also can force low-income families out of their homes, or out of the state altogether.

Illinois Tax Rates, Collections, and Burdens

Advocates for increasing government spending present statistics that show Illinois as a low-tax state, while those who want a more limited role for government present statistics that show Illinois as a high-tax state. We are releasing a series of Tax Facts articles attempting to provide illinois income tax rate a true picture of where Illinois stands. We first looked at the overall tax climate in Illinois, and then specific tax types. Combined with the state sales tax, the highest sales tax rate in Illinois is 11.5% in the cities of Harvey, Harwood Heights, Matteson and Richton Park.

SmartAsset does not review the ongoing performance of any Adviser, participate in the management of any user’s account by an Adviser or provide advice regarding specific investments. The focus of the work of The Center Square Illinois is state- and local-level government and economic reporting that approaches stories with a taxpayer sensibility. For more stories from The Center Square, visit TheCenterSquare.com. Although taxes may not be the first thing you consider when deciding where to live, knowing the tax situations of the locations you’re considering for a move could help you save in the long-run, especially when retiring.

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As shown in the following map, the median owner-occupied property tax bill in every county in Northeast Illinois fell into the highest category of median annual taxes paid of greater than $4,000 in 2020. It is important to note that this measure does not include commercial or other properties that have a higher tax burden by policy in Cook County and certain other jurisdictions across the United States. Lake County had the highest median property taxes paid in Illinois at $7,724. The lowest were in Pulaski County in far southern Illinois at $601. The Tax Foundation’s analysis found that in the United States, the highest median bills exceeded $10,000 in three New Jersey counties, four New York counties and Falls Church in Virginia.

Tacks on a 29-cents-per-gallon tax on beer and levies 36 cents to $2.68 per gallon of liquor, depending on the percentage of alcohol. Unemployment compensation is taxed in Illinois as part of your adjusted gross income, whether you’re a resident or were employed in the state. Will be used in accordance with our terms of service & privacy policy. It’s tedious, and frankly not something that most of us like to do. Worse, for many of us, taxes are going up and the amount of money we get back each year, if any, is going down. PEORIA — Many of us are in the midst of doing our taxes or talking to an accountant about our taxes.