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How do I calculate the property tax I paid for credit on my tax return?

 
 
Answer #107 -- ( Published 08/05/2005 10:04 AM | Updated 08/08/2012 10:01 AM )

How do I calculate the property tax I paid for credit on my individual income tax return?

This credit is generally 5% of the property tax you paid during the tax year for real estate that included your principal residence. Refer to the Homeowners' Property Tax Credit (PT) Worksheet on the Schedule ICR, Illinois Credits form to assist you in calculating your credit.  For more information about the property tax credit, please refer to Publication 108, Illinois Property Tax Credit

Note:  You must include your Property Index Number on Schedule ICR, Illinois Credits, if you are claiming a property tax credit.  You may get this number from your property tax bill, your assessment notice, your mortgage lender (if your property taxes are escrowed), or from the county assessor's office in which the property is located.

In some counties this number is also referred to as the parcel number or permanent number.

Failure to provide this information will result in processing and refund delays.

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