Illinois Property Tax Rebate Form 2023 – Illinois tax refunds, often known as “stimulus checks,” have begun arriving in mailboxes and bank accounts across the state over the past several weeks. The deadline for turning in the required paperwork to be eligible is quickly approaching if you haven’t received your check yet.
As part of a multi-pronged $1.2 billion strategy, the state began delivering income and property tax refunds to 6 million eligible households on Monday and choice persist to accomplish so for the following six to eight weeks. Depending on your salary, family size, and home worth, you could receive a certain amount.
What is Illinois Property Tax Rebate?
Residents of Illinois who submitted state income or property taxes in 2021 may be qualified for a reimbursement. Rebates are one-time payments made to residents who have been authorized for the Illinois Family Relief Plan by Governor JB Pritzker.
Families and communities with lower incomes were given priority in the formulation of the Illinois Family Relief Plan. A sizable surplus was provided to pay for relief operations, which also included modest tax refunds.
According to a statement made by Illinois Comptroller Susanna Mendoza on June 30, those rebates are anticipated to begin being given out the week of September 12 and take roughly eight weeks to reach everyone who is eligible.
A single individual who meets the requirements will get a $50 rebate, while a married couple who file jointly and make under $200,000 and have no dependents will get a $100 rebate. A three-person eligible household will get $300.
You must submit your 2021 income tax return and property tax return by October 17, if you haven’t already. Even though you won’t need to submit a new form to seek the refunds, it will expedite the process and speed up when they arrive in your inbox.
You may verify your status online if you don’t receive your tax rebate on schedule. When your rebate is ready to be mailed, the state will notify you via email.
How to Get Illinois Property Tax Rebate
If you live in Illinois, you could be eligible for a property tax or income tax rebate. This fall is anticipated to see the distribution of these one-time payments, which are a component of Governor J.B. Pritzker’s $1.8 billion Family Relief Plan.
According to the state’s Department of Revenue, physical checks will start to be sent out on September 12 and will continue for eight weeks.
Your yearly gross income will determine your eligibility. If your single-person adjusted gross income was under $250,000 or $500,000 if you were married and filed a joint return, you are eligible for a property tax credit of up to $300.
A different income tax rebate is also available, worth up to $50 for single filers and $100 for married couples filing jointly and having dependents. For those who filed individual income tax returns for 2021, the deadline to submit Form IL-1040 is October 17.
Check your eligibility online if you’re not sure. The processing of your return will take between 90 and 120 days, and the approval of your rebate will take an additional 5 to 10 days. To find out if you qualify for any of these tax advantages, you may also contact the Illinois State Taxpayer Help Line. It is better to file early to avoid waiting.
How to Track Illinois Property Tax Rebate
If you’re an Illinois accountant and you have customers that qualify for a property tax rebate, you need to know how to keep track of this data. This is crucial information for your customers to know since it may have an impact on their taxes if they itemize deductions.
To help households offset high property taxes, the Illinois Family Relief Plan offers one-time income and property tax rebates. Some people might have to wait a few months, while others might get their rebates right away.
You may monitor your clients’ rebates in the interim using a brand-new state tool. You may then check to see whether they have their money, how much it is, and if they have any queries.
The reimbursement will be paid automatically to individuals who submitted their 2021 IL-1040 form and obtained a property tax credit. This will function similarly to how refunds of income taxes were formerly handled.
Your rebate will be delivered to you as a paper check if you did not submit your IL-1040 or if you requested the property tax reimbursement separately. The distribution of these checks is expected to take eight weeks, according to the state.
The state pledged to mail $1.2 billion in property tax refunds, but as of October 11, just $250 million had been sent. It’s unclear how many homeowners will really receive their reimbursements because only a small portion of these checks have been mailed out.