Wednesday, November 22, 2017

Property Taxes

The real estate taxes on this property are calculated much differently than a similar home located in the suburbs. Farm property is subject to special treatment in Illinois which also has an impact on how the taxes are calculated.

Since we are not living here currently the taxes are NOT being reduced by the Illinois homestead exemption that you most likely would qualify for – remember to ask for it, though, immediately after closing.

2015 Taxes – Payable in 2016

This farm is comprised of 2 separate parcels as explained elsewhere.

Primary Parcel:

Improved Land + Farm Land + Improvements + Farm Building totaled $85,820 (at 1/3 assessment)

Tax rate in 2015 was 8.5323 and the equalizer was 1.00

Tax : $7322.42

Secondary Parcel:

Improved Land only was $1375

Tax Rate 8.5323

Tax : $117.32

Total Tax for 2015 : $7439.74

Total Tax for 2014 : $7241.00