"Personal property" is all property that is not real property like automobiles, livestock, money, and furniture. Examples would be a vacation home, a vacant lot, rental property, property outside of Illinois, and farm land.Personal use property is used for personal enjoyment as opposed to business or investment purposes. If your home is a personal residence that you rent out for fewer than 15 days per year, you are not required to report or pay tax on the rental income. The Illinois Constitution currently only authorizes the taxation of "real property" and forbids the taxation of "personal property. The Personal Property Lease Transaction Tax applies to businesses or individuals that either are a lessor or lessee of personal property used in Chicago. In Cook County, the Clerk assigns each property a Property Index Number (PIN), for both property record and taxation purposes. Examples of personal property include clothes, jewelry, furniture, and automobiles. How is property taxed in Illinois? Every three years, your local County Assessor figures out the "fair market value" of your property.
