Illinois Additional Personal Property & Bank accounts-Divorce No Children) Inca) is the Illinois statute that outlines the division of assets between spouses in a divorce without children. This division includes all additional personal property and bank accounts owned by either spouse prior to or acquired during the marriage. Under the statute, the court divides the assets in an equitable manner, taking into account the contributions of each party to the marriage. Generally, the division of assets is based on the length of the marriage, the income and financial condition of each party, and any other relevant factors. The types of additional personal property and bank accounts that may be divided in a divorce without children in Illinois include: real estate, automobiles, stocks, bonds, pension and retirement accounts, bank accounts, investments, business assets, insurance policies, and any other assets owned by either spouse.
Illinois Additional Personal Property & Bank accounts-Divorce No Children) ISCa)
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Real property includes land plus the buildings and fixtures permanently attached to it. Real property taxes are assessed on agricultural, commercial, industrial, residential and utility property. Personal property is property that is not permanently affixed to land: e.g., equipment, furniture, tools and computers.
Illinois does not collect a state property tax on real estate or personal property. All property other than real estate is exempt from the property tax in Illinois. Thus, all classes of personal property, including machinery, equipment, inventories, and intangibles, are exempt.
Any movable thing or intangible item of value that is capable of being owned by a person and not recognized as real property. Synonymous with chattel.
Personal property can be characterized as either tangible or intangible. Examples of tangible personal property include vehicles, furniture, boats, and collectibles. Stocks, bonds, and bank accounts fall under intangible personal property.
?Tangible personal property? exists physically (i.e., you can touch it) and can be used or consumed. Clothing, vehicles, jewelry, and business equipment are examples of tangible personal property. Sales and use taxes apply when tangible personal property is used or consumed in Illinois.
?Tangible personal property? exists physically (i.e., you can touch it) and can be used or consumed. Clothing, vehicles, jewelry, and business equipment are examples of tangible personal property. Sales and use taxes apply when tangible personal property is used or consumed in Illinois.
What are the rates? Corporations pay a 2.5 percent replacement tax on their net Illinois income. Partnerships, trusts, and S corporations pay a 1.5 percent replacement tax on their net Illinois income.
It includes the land and any permanent improvements to the land like buildings, fences, landscaping, driveways, sewers, or drains. ?Personal property? is all property that is not real property like automobiles, livestock, money, and furniture. For more information see Illinois Property Tax Code, 35 ILCS 200/1-130.