Illinois, Indiana, Indiana state tax authorities have begun issuing refunds to owners of unclaimed properties, the Illinois Department of Revenue announced Friday.
The Illinois Department for Taxation and Finance (IDTFP) said the state is now the only state that allows for refundable tax deductions for unclaimed tax property, according to the release.
For homeowners and other owners of Illinois properties, a refund can be issued on a credit, with a maximum of $500 per property.
The state’s credit will be calculated by taking into account the owner’s income, home value and the value of the property.
The owner will be given an opportunity to submit proof of residency or change addresses, IDTFP said.
A homeowner who does not file a timely return is eligible for a refund.
The refund can then be issued as a credit or as a payment.
The IDTSP also is issuing refunds for the state’s property tax for all unclaimed state property.
This is the second time the IDT has issued a refund to homeowners in 2017.
The IDT’s tax refunds were issued earlier this year for property taxes due in 2018.
The state also issued refunds to homeowners for tax years 2019-20, 2020-21 and 2021-22.
The total refund amount was not immediately available.
The release noted that the Illinois IDT will issue refunds for all taxable property until the end of 2020.
The Illinois Department also is beginning the process of issuing refundable property tax refunds, and will provide an update on this process when it has it available.
In the meantime, IDOT said owners of property tax unpaid for more than 90 days must file a tax refund form with the IDATFP.