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Wrote About This In 1998.pdf

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🔗 Source: hgchicago.org
📊 Size: 80 KB
👤 Author: Chuck
⬇️ Downloads: 556

Summary

Data from the Illinois Department of Revenue shows that in most counties, the effective tax rate on vacant land is lower than on improved parcels. In Cook County, vacant land is taxed at a lower effective rate than other classes of property, and the underassessment of vacant parcels is biased in favor of those who own high-value sites. This underassessment encourages manufacturers to close and demolish their facilities, resulting in a significant decrease in property tax bills. For example, an entrepreneur who closes and demolishes a factory in Chicago could see their property tax bill drop by 94%. The underassessment of vacant sites also raises taxes for all other owners of taxable real estate, with the average homeowner potentially seeing an increase in their tax bill if the effective tax rate on vacant land were increased to the same level as other categories.

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Description

Data from the Illinois Department of Revenue shows that in most counties, the effective tax rate on vacant land is lower than on improved parcels.

Technical Information

  • File Format: PDF
  • File Size: 80 KB
  • Pages: 10
  • Language: EN
  • Author: Chuck
  • Total Downloads: 556
  • Last Updated: 4 weeks ago

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