In Illinois we pay sales, property and income tax.



INCOME



State of Illinois Income tax is 4.95%



SALES



Sales tax in Illinois for general merchandise is 6.25%

Cook County &/or City of Chicago combined 10.25%

Lake County some communities average 8-10%

Tax on food, lodging, new cars, used cars, etc....are more and vary.

Some towns can have additional sales tax on different items.

PROPERTY TRANSFER FEES

In Illinois the home seller pays $1.50 per thousand at closing to the state and Lake County. Both buyer and seller also pay a flat $3.00 on each closing.



Some communities have municipal transfer taxes ranging from $3 to $5 per $1000 of sale price paid at closing by the buyer: Buffalo Grove, Highland Park, Highwood, Lake Forest, Lincolnshire, Mettawa, Wilmette, North Chicago (as of 2/17)

BUILDING PERMIT FEES

Most villages require permits for additions and renovations, especially involving foundation changes, moving walls, changing plumbing & electrical, putting up fences, new roofs, finishing basements, etc. Be sure to check with your village before starting any work. Some permit fees are a flat fee of $10 -$500. Some towns may charge 1.5% of the total job.



PROPERTY TAXES

Are assessed by each "Township" (these add up and form a county). Depending on the towns and sales taxes already collected by businesses (Like Gurnee with Six Flags and Gurnee Mills Outlet Mall) or the number of high end homes (which pay a lower % but on a much higher amount like million dollar homes in Lake Forest or Wilmette) can vary in Lake County from 1.5%-4.0% roughly of property value. Most run 2.5%-3.5% of the total market value in Lake County.

The longer answer is that the actual calculation is on the "Assessed" value in Lake County which is considered to be 33.33% of market value. Taxes collected are shared with a tiny percentage going to each of sixteen or so different taxing bodies for the county, village, schools, community college, libraries, roads, bridges, pension funds & forest preserves. These percentages add up to a total "multiplier" effect averaging between 4-7% on one third of the home's value. The home value as of January following the tax year is to be a rolling average of home values based on similar square footage, lot size and past sales from the previous three years. The new tax amount is announced in May with half due in June and the balance due in September. We call it "paying in the rears."

Property taxes in Cook County use a completely different formula based on 1/10 value.

INSURANCE

Home & car insurance vary by town depending on the company you choose and what they consider to be the risks, replacement cost, crime rate & number of uninsured. You can usually save money by having all with the same company. Ask about umbrella policies as well.

Please double check any of these figures if this information is important to your decision making.

EB 4/23