You won’t find many people happy to pay taxes of any kind, but a recent study shows that Vermilion County, Illinois is among the best counties for property taxes in the United States.
Reward Expert, Inc. crunched the numbers, and found Vermilion County second best among over 1200 midwestern counties with a population of over 25,000. The report took into account property tax rates, assessment ratios and exemptions.
The report noted that Vermilion County homeowners’ tax liabilities are reduced by the assessment ratio; taking the taxable value down to one-third market value, and the county also benefits from the state’s General Homestead Exemption amount of $18,000.
The county also receives Illinois’ Tax Credit for Residential Real Property taxes; which is a five percent reduction from state income taxes. Vermilion was the only Illinois county in the top five.
Vermilion Advantage CEO Vickie Haugen was asked her reaction to the report…
She says this will provide another weapon to use in drawing businesses to the county…
Among the 1238 counties covered in the Midwest among several states, Douglas County came in 355th, Iroquois County 417th, while Champaign County finished in the bottom half at 722nd.
You can find the report at RewardExpert.com.