Provide the name and address of the person who prepared the deed. Whenever a metes and bound description is used in the legal description of real property, the metes and bounds description should contain the section, township, and range with an identifiable point of beginning. Include the PIN on deeds with transfer tax.
An affidavit for purposes of the plat act is required to accompany a deed when 1 a metes and bounds legal description is given, 2 when roadway easements and right of way ingress or egress are designated, or 3 when a division of land five acres more or less is noted on a deed of transfer. All parties involved in the transaction must complete the form truthfully. This form is used to collect sales data and to determine if a sale can be used in assessment ratio studies. It is also used to compute equalization factors, which are used to help achieve a statewide uniform valuation of properties based on their fair market value.
If the property transfer is exempt from transfer tax, the PTAX form is not required. A specific exemption number should be noted on the deed presented for recording.
The Illinois Department of Revenue webpage has a list of exempt transactions. The form can be completed online or as a hard copy. Effect of Recording: Deeds, mortgages, and other instruments of writing that are authorized to be recorded will take effect and be in force from and after the time they are filed for record as to all creditors and subsequent purchasers, without notice.
All such deeds and title papers will be judged void as to all such creditors and subsequent purchasers, without notice, until the same is filed for record. From the time they are filed for record, deeds, mortgages, and other instruments of writing related to real estate shall be deemed notice to subsequent purchasers and creditors, though not acknowledged or proven according to law; but the same shall not be read as evidence, unless their execution be proved in the manner required by the rules of evidence applicable to such writings, so as to supply the defects of acknowledgment or proof.
Box , Fairlawn, OH Nothing on this website should be considered a substitute for the advice of an attorney. Instead, the PTELL allows a taxing district to receive a limited inflationary increase in tax extensions on existing property, plus an additional amount for new construction. The limit slows the growth of revenues to taxing districts when property values and assessments are increasing faster than the rate of inflation.
As a whole, property owners have some protection from tax bills that increase only because the market value of their property is rising rapidly. Payments for bonds issued without voter approval are subject to strict limitations. If a taxing district determines that it needs more money than is allowed by the limitation, it can ask the voters to approve an increase. Public Act allows county boards to give voters in all other counties the opportunity to decide if the PTELL should apply to their counties.
Excluding Cook and the collar counties, 42 counties have voted on referendum to implement PTELL-referenda passed in 33 counties that are subject to PTELL, rejected in 11 counties, and rescinded in 0 counties.
The exemption is for two consecutive tax years, the tax year that the veteran returns from active duty in an armed conflict involving the armed forces of the United States and the following year. The veteran must own and occupy the property as his or her principal residence on January 1 of each assessment year. A veteran who acquires a principal residence after January 1 of the year he or she returns home is eligible for the RVHE on the principal residence owned and occupied on January 1 of the following tax year. A veteran is eligible to receive the exemption for another tax year in which the veteran returns from active duty.
This exemption "freezes" the senior citizen's property's equalized assessed value the year that the senior citizen qualifies for the exemption. The property's equalized assessed value does not increase as long as qualification for the exemption continues. The tax bill may still increase if any tax rates are increased or if improvements are added that increase the value of the property. This exemption allows senior citizens who meet the qualifications to elect to maintain the equalized assessed value EAV of their homes at the base year EAV and prevent any increase in that value due to inflation.
The amount of the exemption benefit is determined each year based on 1 the property's current EAV minus the frozen base year value the property's prior year's EAV for which the applicant first qualifies for the exemption , and 2 the applicant's total household maximum income limitation. This annual exemption is available for property that is occupied as a residence by a person 65 years of age or older who is liable for paying real estate taxes on the property and is an owner of record of the property or has a legal or equitable interest therein as evidenced by a written instrument, except for a leasehold interest, other than a leasehold interest of land on which a single family residence is located, which is occupied as a residence by a person 65 years or older who has an ownership interest therein, legal, equitable or as a lessee, and on which he or she is liable for the payment of property taxes.
The deferral is similar to a loan against the property's market value. A lien is filed on the property in order to ensure repayment of the deferral. The state pays the property taxes and then recovers the money, plus 6 percent annual interest, when the property is sold or transferred. The deferral must be repaid within one year of the taxpayer's death or 90 days after the property ceases to qualify for this program. The maximum amount that can be deferred, including interest and lien fees, is 80 percent of the taxpayer's equity interest in the property.
Contact your local County Treasurers Office to receive the necessary forms, or further information on the program. Properties of religious, charitable, and educational organizations, as well as units of federal, state and local governments, are eligible for exemption from property taxes to the extent provided by law.
The organization must apply for the exemption with the County Board of Review which reviews the application and forwards it to the Illinois Department of Revenue for the final administrative decision. For information contact the County Board of Review. Breadcrumb Revenue Local Governments Property tax.
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