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CCFB News» April 2023

The Property Tax Cycle

04/10/2023 @ 11:05 am

Originally published in LINK July/August 2022.

 

Unlike many other states that tax both real and personal property, Illinois only applies a property
tax to real property.


• Real property: Property not intended to be moved. This is the land itself and all things permanently attached, including houses and buildings.


• Personal property: Property not permanently attached to the land. This property can be moved and is subject to ownership. Examples include farm equipment, crops in storage, livestock, vehicles, computers, and furniture. Personal property has not always been exempt from taxation in Illinois. Many can still remember paying property taxes on their personal properties. Prior to the late 1970s, Illinois taxed both real and personal property. That changed under the 1970 Illinois Constitution, which eliminated personal property taxation by 1979.

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