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February 21, 2025
Question

Should my $5000 Property Tax bill result in a Property Tax Credit on my IL state taxes?

  • February 21, 2025
  • 1 reply
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I have no business interest, own a single-family home.

    1 reply

    February 24, 2025

    The Illinois Property Tax Credit is a credit on your individual income tax return equal to 5 percent of Illinois Property Tax (real estate tax) you paid on your principal residence.

     

    You will qualify for the property tax credit if:

    1. your principal residence during the year preceding the tax year at issue was in Illinois, and
    2. you owned the residence, and
    3. you paid property tax on your principal residence (excluding any applicable exemptions, late fees, and other charges). 

    Illinois.gov

     

    You may claim the property tax credit on Schedule ICR, Section A

    In TurboTax Open your IL return and continue to the screen Credit for property taxes

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