ICT 1 Electricity Distribution and Invested Capital Tax Estimated Tax Illinois Form

Instructions and help about ICT 1 Electricity Distribution And Invested Capital Tax Estimated Tax Illinois

every state has its own property tax system in Illinois local governments tax real property but not personal property real property is the land and anything permanently attached to the land like garages and other buildings your car your both your appliances your bank accounts your franchise licenses or your dog are examples of personal property and they can't be valued into your Illinois property tax bill because real estate markets change property values are updated often every property is reassessed at least once every four years the year this reassessment happens is called a quadrennial year property taxes are levied collected and spent locally the largest share of local property tax goes to school districts to fund education other services funded by property tax include cease and fire production street maintenance libraries and parks and recreation programs each property tax cycle takes almost two years taxing bodies determine how much money they will need to provide services there