Many Illinois residents could soon see checks in the mail or money in their bank accounts thanks to new income and property tax rebates, but not everyone will be eligible.
Qualified property owners will receive a rebate equal to the property tax credit claimed on their 2021 IL-1040 form, with a maximum payment of up to $300. To be eligible, you must have paid Illinois property taxes in 2021 on your primary residence and your adjust gross income must be $500,000 or less if filing jointly. If filing alone, your income must be $250,000 or less.
Rebates will be distributed in the method that your original income tax refund was sent, according to the state of Illinois website. If you did not receive a refund, did not file an Illinois income tax return, or are requesting the property tax rebate separately, then your rebate will be sent by paper check.
As is the situation with the income tax rebates, property owners who completed the IL-1040 form will receive rebates automatically. If you didn't, though, there's no need to worry. Property owners can still receive that rebate as long as they fill out the IL-1040 form. In order to be eligible, you must submit the form by Oct. 17.
If you didn't receive a refund or if you were given a paper check refund, it may take longer for the rebate to be issued, according to state officials. Taxpayers who have yet to file or submit an IL-1040 form will receive their rebate after the submission is reviewed.
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