The Cook Illinois Recapture Agreement refers to a legal agreement that involves the recapture of taxes on properties located in Cook County, Illinois. This agreement is designed to ensure fair taxation and redistribute funds among the various taxing districts within the county. It aims to address any discrepancies that may arise due to changes in property values and tax assessments. Under the Cook Illinois Recapture Agreement, there are different types of recapture agreements, namely the tax increment financing (TIF) recapture and the tax extension recapture. The TIF recapture agreement pertains to tax revenues generated within a designated TIF district. TIF districts are areas where property taxes are frozen at a certain baseline amount for a specified period of time. Any additional property tax revenue generated as a result of increased property values within the TIF district is captured and allocated toward funding infrastructure improvements or other designated purposes within the district. On the other hand, the tax extension recapture agreement involves the redistribution of excess property tax revenues among the various taxing districts in Cook County. This agreement is triggered when the total amount of property tax revenue collected within the county exceeds the statutory tax cap set by the state. The excess funds are then recaptured and redistributed to ensure each taxing district receives its fair share. Overall, the Cook Illinois Recapture Agreement ensures that property taxes are fairly distributed among the taxing districts in Cook County, addressing any imbalances that may occur due to changes in property values or tax assessments. It helps promote equitable taxation and supports the development and improvement of various communities within the county.
Cook Illinois Recapture Agreement
State:
Illinois
County:
Cook
Control #:
IL-LR191T
Format:
Word;
Rich Text
Instant download
Description
The Owner agrees to repay to the Authority the Repayment Amount (as defined in agreement).
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Recapture Illinois from a Recapture Notification If you're asked to supply a Social Security Number, click for an easy-to-use form from the Form Authentication collection. If it isn't a tax form, then skip this item and try out the Recapture Illinois form. Otherwise, the information should also appear on Form SD-621 from the Electronic Filing Collection or Form SD-621-R from the Paperwork and Identification Reporting Collection. Recapture Illinois from a Form SD-621 On Form SD-621, enter the tax payment, the date of filing, the tax year, the type of return, the tax amount owed, the name and mailing address of the credit issuer, and, if applicable, a statement that you are not the owner of the property affected by the tax and that the taxpayer requests the information you provided.
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The materials in this section are taken from public sources. We disclaim all representations or any warranties, express or implied, as to the accuracy, authenticity, reliability, accessibility, adequacy, or completeness of any data in this paragraph. Nevertheless, we make every effort to cite public sources deemed reliable and trustworthy.
Disclaimer
The materials in this section are taken from public sources. We disclaim all representations or any warranties, express or implied, as to the accuracy, authenticity, reliability, accessibility, adequacy, or completeness of any data in this paragraph. Nevertheless, we make every effort to cite public sources deemed reliable and trustworthy.