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Illinois Taxes 2014

According to the Illinois tax guide, a new law called the Taxpayer Accountability and Budget Stabilization Act came into force in January 2011.  This Act hiked both the personal and corporate income tax rate and also reintroduced the Illinois estate tax.

Illinois Tax Help

1 800 732-8866
1 217 782-3336

Hearing Impaired:
TDD 1 800 544-5304

Business Hotline:
1 217 524-4772

Illinois Personal Income Tax

In 2010, Illinois residents had to pay a flat 3 per cent of their income as income tax.  In 2011, they have to pay a flat 5 percent.

Illinois Sales Tax

In Illinois, sales tax has charged 6.25 percent for general items.  For food items, prescription drugs and items like medical appliances, the sales tax rate is 5.25 percent.  An elaborate list is available on the website of Illinois State.

Illinois Personal and Real Property Tax

According to the Illinois tax guide, real estate is taxed.  However, this tax is not imposed by the state but by the local jurisdictions like counties, municipalities and townships.  This tax is a major source of revenue.

The property is assessed on January 1 every year based on its market value.  The tax for that year has to be paid only the next year.  For example, tax applicable for 2011 has to be paid in 2012

The assessment is done at 1/3 market value for all property other than agricultural land.  In the case of agricultural land, the assessment is done on the basis of its income generating ability.

If the population of a county is more than 200,000, property tax is applicable at different rates.  Take the instance of Cook County.  There are 13 classes of property and the assessment ranges from 16 per cent of market value in the case of residential property to 38 per cent in case of commercial property.

Homeowners are allowed various exemptions like General Homestead Exemption, Homestead Improvement Exemption and Disabled Veterans' Exemption.  Some special facilities are also available to homeowners who have crossed 65 years of age and whose household income is less than $50,000.

Illinois Inheritance and Estate Taxes

According to the Illinois tax guide, there is no inheritance tax in Illinois.  There used to be a limited estate tax which was repealed in 2010.  It has been reintroduced and there is an exemption of $2 million.

Residents of Illinois can file their tax returns electronically.

Prior Year IL-1040 Illinois Individual Income Tax Forms

2005 2006 2007 2008 2009 2010

Where to Mail FEDERAL IRS Tax Forms within Illinois:

IRS Form If you ARE NOT enclosing a payment, use this address: If you ARE enclosing payment, use this address:
1040: Department of the Treasury
Internal Revenue Service
Fresno, CA  93888-0002
Internal Revenue Service
P.O. Box 802501
Cincinnati, OH 45280-2501
1040A: Department of the Treasury
Internal Revenue Service
Fresno, CA  93888-0015
Internal Revenue Service
P.O. Box 802501
Cincinnati, OH 45280-2501
1040EZ: Department of the Treasury
Internal Revenue Service
Fresno, CA  93888-0014
Internal Revenue Service
P.O. Box 802501
Cincinnati, OH 45280-2501

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