Taxes
Corporate Income Taxes
Corporate income apportioned to Illinois is taxed at 7.75 percent, which includes a 5.25 percent state income tax and a 2.5 percent personal property replacement tax (S-corporations pay 1.5 percent).
Property Tax
Local governments in Illinois are authorized to collect property taxes in real property (land and buildings). Real property is assessed at 33.4 percent of market value, industrial assessment is 36 percent, and commercial assessment is 38 percent.
- Illinois does not collect a state tax on personal property. All property other than real estate is exempt from the property tax in Illinois. Thus, all classes of personal property, including machinery, equipment, inventories and intangibles, are exempt.
The table below depicts the property tax climate of Highland
|
Property Taxation Climate: Highland, IL |
||
|
Year |
Type |
Description |
|
2015 |
City |
1.8614% |
|
2015 |
County |
0.7073% |
|
2015 |
School |
4.9043% |
|
2015 |
Other |
1.0944% |
|
2016 |
Sales Tax |
7.85% |
Personal Income Taxes
Income earned in Illinois or received by Illinois residents is taxed at 3.75 percent. Partnerships and S-corporations pay a 1.5 percent personal property replacement tax and S-corporations’ owners pay the 3.75 percent personal income tax on their share of the corporation’s income.
- There are no local personal income taxes in Illinois.
Retirement income is not taxed in Illinois
Sales Tax
Retail purchases sales taxes vary dependent upon what you are buying.
Finance Department
Kelly Korte
618.654.9891
