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Category: Illinois

Illinois Property Tax Credit

You may figure a credit for the Illinois property taxes you paid in 2011 on your principal residence (not a vacation home or rental property) for the time you owned and lived at the property during 2010, if that residence was in Illinois. Nonresidents of Illinois may not take this credit.

You may not figure a credit for mobile home privilege tax, penalties, or fees included in your property tax bill, or the portion of the property that is deductible as a business expense.

TIP: You may figure a credit for Illinois property you purchased during 2010 providing you figure only that portion of your taxes that pertains to the time you owned and lived at the property during 2010. You may not take a credit for taxes you paid if the seller reimbursed you at the time of closing. You also may not take a credit on your 2011 return for property you purchased in 2011.

TIP: You may figure a credit for Illinois property you sold in 2011 by combining the 2010 property tax paid in 2011, as well as a portion of the 2011 tax paid based on the time you owned and lived at the property during 2011. You may not take a credit on your 2011 return for property sold during 2010.

For additional information, please see Schedule ICR.