personal property replacement tax

Local government revenue
9:53 am
Wed August 22, 2012

Local governments face 15% hit in replacement tax funds

Illinois’ local governments face a reduction of nearly 15 percent in personal property replacement tax money distributed by the state.

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.

That means local governments that receive those funds will get 14.7 percent less than in 2011.

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