personal property replacement tax http://northernpublicradio.org en Local governments face 15% hit in replacement tax funds http://northernpublicradio.org/post/local-governments-face-15-hit-replacement-tax-funds <p>Illinois’ local governments face a reduction of nearly 15 percent in <a href="http://tax.illinois.gov/LocalGovernment/Overview/HowDisbursed/replacement.htm" target="_blank">personal property replacement tax </a>money distributed by the state.</p><p>The Department of Revenue said the amount of replacement tax money available in the current budget year will be $1.054 billion -- down $182 million from last year -- to be split by more than 6,500 local governments around the state.</p><p>That means local governments that receive those funds will get 14.7 percent less than in 2011.</p><p> Wed, 22 Aug 2012 14:53:03 +0000 WNIJ 17157 at http://northernpublicradio.org