Chicago Sales Tax
Illinois’ system is exceptionally complicated. A brief overview is detailed on the Illinois Department of Revenue website: http://www.revenue.state.il.us/index.htm
The city of Chicago has the highest total sales tax of all major U.S. cities. It is also one of the most complex. 10.25% is levied on all non-perishable goods purchased, while 2% is levied on qualifying food, drugs, medicines and medical appliances. The Illinois Department of Revenue collects a 3% Chicago Soft Drink Tax and a 1% Metropolitan Pier and Exposition Authority (MPEA) “Food and Beverage Tax”, on prepared food and beverage purchases in the downtown area. These “downtown” boundaries are: Surf Street on the north, Ashland Avenue on the west, Stevenson Expressway (I-55) on the south, & Lake Michigan on the east. Furthermore, O’Hare and Midway airports also fall under the 1% MPEA tax district. In addition, the Chicago Department of Revenue collects additional sales taxes on items such as fountain drinks, bottled water, liquor, and cigarettes.
Be aware that prices indicated on stores shelves are always without the taxes. Taxes will be added at the cashier. Therefore the total amount will be different from what indicated in advertising, on the products or in the store’s sections.
Illinois Property Taxes
Illinois does not have a statewide property tax. Property is taxed on the local level only, and includes only real property such as land, buildings or permanent facilities. Real property is assessed at 33% of market value. Illinois does not tax personal property such as automobiles, trucks, or boats. However, corporations pay a 2.5% personal property tax replacement income tax (S corps., partnerships, and trusts pay 1.5%).
For more information about Illinois Property Taxes, please visit:
- IDOR http://tax.illinois.gov/LocalGovernment/PropertyTax/index.htm
- The Cook County Clerk website: http://www.cookcountyclerk.com/tsd/Pages/default.aspx