Property taxes are a test of strength for most homeowners.
For people on fixed incomes, rises in property values — and thus taxes — can be
dastardly. Now, imagine people on fixed incomes who just happen to live in
Illinois ranks #2, after New Jersey, for highest property taxes in the nation, according to a recent WalletHub analysis. The Illinois homeowner shells out an average of $5,000 in property taxes on a $217,500 house. That means people in Illinois pay double what the average homeowner pays in property taxes nationwide.
Some seniors can’t pay it, and have no way to earn the extra
income. For them, there is a little extra relief coming this year — perhaps
just enough to keep some of the most cash-strapped homeowners in their homes.
More on this below.
Continue reading “Illinois Property Taxes Are Ridiculous. A 2021 Change Helps Some Seniors, But Cook County Assessment Scandals Add to Challenges”
Effective January 21, 2019, prior to recording, all Cook County property conveyance instruments must be accompanied by an electronically-completed Cook County Real Estate Transfer Tax Declaration, aka, a “MyDec,” which can be completed via the Illinois Department of Revenue’s MyDec Transfer Tax Portal – https://mytax.illinois.gov/mydec The requirement to use MyDec is already in effect for all property transfers in the City of Chicago, and is being extended to all property in Cook County, including “exempt” and “non-exempt” transfers. This requirement does not alter any local municipal requirements for transferring property, and must be fulfilled, even if the instrument is accompanied by a Grantor/Grantee Affidavit.
Continue reading “MyDec to be Required for All Cook County Illinois Real Estate Conveyances”
Find the Illinois laws for dealing with a
decedent’s real property at 755 ILCS 5/20.
Probate is a court-supervised, lawful distribution
of a deceased individual’s assets. The nature of the probate case depends on
whether the decedent died testate (with a last will and testament) or intestate
(without a will). In both cases, someone acts as the decedent’s personal
representative and performs the tasks associated with settling the estate.
Continue reading “Transferring Real Property from an Illinois Estate”
On January 1, 2012, the Illinois Residential Real Property Transfer on Death Instrument Act (755 ILCS 27) went into effect. With it, owners of residential real property in Illinois have a new choice for non-probate asset allocation—the transfer on death instrument (TODI).
Continue reading “Illinois Transfer on Death Instrument for Real Estate”