Find out how much it costs to live in Evanston.
State Income Tax:
Social Security Tax?
County + State Sales Tax
Property Tax Rate *
Property Tax Ranking (County Property Tax rank out of 2,773, higher rank=lower rate) *
Cost of Living Index (100=average):
Housing + transportation costs as % of income:
State Sales Tax Breaks for Seniors:
Tax burden: % income going to state and local taxes:
There is no inheritance tax. Illinois has an estate tax with a $4 million exemption. The maximum estate-tax rate is 16%\n
The Senior Citizens Homestead Exemption allows a $5,000 reduction in the EAV of the property that a person 65 or older is obligated to pay taxes on, and owns and occupies, or leases and occupies as a residence.\n\nThe Senior Citizens Assessment Freeze Homestead Exemption allows senior citizens who have a total household income of less than $55,000, and who meet certain other qualifications, to maintain the EAV of their homes at the base-year EAV, thereby preventing any increase in that value as a result of inflation.\n\nThe Homestead Improvement Exemption is limited to the fair cash value that was added to the property by any new improvement, up to an annual maximum of $75,000. The exemption continues for four years from the date the improvement is completed and occupied.\n\nThe Senior Citizens Real Estate Tax Deferral Program allows people age 65 or older, who have a total household income of less than $55,000 and meet certain other qualifications, to defer up to a maximum of $5,000 of real estate taxes and special assessments. The deferral is similar to a loan against the property's market value, and a lien is filed on the property to ensure repayment of the deferral. The state pays the property taxes and then recovers the money, plus 6% annual interest, when the property is sold or transferred.\n
For more detailed tax information from Kiplinger, visit www.kiplinger.com/tool/retirement/T055-S001-state-by-state-guide-to-taxes-on-retirees/
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