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Taxes

personal property tax

Many states assess a personal property tax on certain items of personal property such as motor vehicles, boats, and aircraft. Business personal property taxes—taxes on tangible personal property items that are used to produce income—are often referred to as ad valorem taxes.

In Illinois, personal property tax is no longer imposed on individuals, as the state abolished personal property taxes on individuals in 1970. However, businesses are subject to a different form of tax called the Personal Property Replacement Tax, which is not an ad valorem tax but rather a tax on the income of corporations, partnerships, and trusts. This tax serves as a replacement for the revenue that was lost when the state stopped taxing personal property directly. Local governments in Illinois do not assess personal property taxes on items like motor vehicles, boats, or aircraft for individuals. Instead, these items may be subject to state registration fees and other specific taxes, such as motor fuel taxes for vehicles. It's important to note that real estate property taxes are still assessed in Illinois, and these are ad valorem taxes based on the value of the real property.

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Taxes

personal property tax

As a LegalFix Member You Will Be an Important Client of Local Law Firms

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Illinois State Code

Illinois State Code

Taxes

personal property tax

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