Property tax in the State of Illinois is imposed on the value of the real estate only. The State of Illinois imposes no property tax on personal property, including inventories, and has not done so since 1979. The corporate personal property tax was enacted to replace the revenue lost to local unity of government when the personal property tax was abolished.
Property taxes are levied by local governments to finance services. The largest share of property taxes goes to school districts. The legal assessment level for tax purposes on any parcel of property in Illinois (with the exception of Cook County) is 33 1/3 percent of its market value, with the exception of farmland and farm-related buildings. The rates are determined at the local level. Most tax rates are subject to legal maximums. The rates are based upon the dollars requested by the taxing bodies and the total equalized assessed value within the taxing district boundaries. These rates vary.
Jefferson County has a township form of government with 16 townships. Besides the City of Mount Vernon , Jefferson County, and the various Townships, other taxing bodies include the Brehm Memorial Library, Mount Vernon Airport, Rend Lake Conservancy District, Elementary and High School districts, Mt. Vernon Special Services, Jefferson County Fire, Township Roads, etc. The Tax rate is determined according to the township in which the property is located. For example ,the property tax rate for a parcel within the City of Mount Vernon incorporated limit and Shiloh Township , including all taxing bodies associated with the parcel, would be about $ 7.7573 per $100 of assessed valuation. For an accurate tax rate, contact the Jefferson County Supervisor of Assessment at 618/244-8000.
Local Utility Taxes
State of Illinois 6.25%
City of Mount Vernon Home Rule 1.50%
Jefferson County .50%
Total Sales Tax within Incorporated Mt. Vernon 9.25%
Total Sales Tax outside Incorporated Mt. Vernon 6.75%
Corporate Income Tax
The Illinois Corporate Income Tax rate is 9.5% and is based on the reported Federal Income.
Individual Income Tax
The individual Income tax rate in Illinois is 5% and is based on the reported Federal Income.