What is the adverse possession period in Idaho?

Illinois

The interplay between real estate market trends and the strategic use of 1031 exchanges is reshaping investment approaches in the Prairie State. As the tax landscape continues to evolve, a deeper understanding of what constitutes ‘like-kind’ property opens doors across real estate frontiers and allows investors to diversify their portfolios with enhanced growth potential.

Illinois offers Streamlined Selling of Land in Illinois a wide variety of real estate opportunities, including farms, hunting land and rural property with no restrictions on the amount of livestock that may be kept on the property. The state has a humid subtropical climate, with hot, muggy weather during the summer and cold, snowy winters. The topography varies from flat farmland in the northern part of the state to rolling hills and dense forestland in the south. Rivers like the Mississippi, Ohio and Wabash have shaped the land here for centuries.

A new law signed into effect by Gov. JB Pritzker will revamp Cook County’s property tax scavenger sale system and close loopholes that fueled disinvestment in communities home to Black and Latino residents. The legislation will slash the annual interest rate on delinquent properties to 9% from 18%, which should reduce the number of properties auctioned off when they’re so far behind on their taxes. It will also give local governments the ability to take control of properties that don’t sell, streamlining efforts to return those properties to productive use.

The law, which takes effect July 1, will also slash the maximum purchase price on the scavenger sale program from $250,000 to $100,000. This should help prevent large real estate developers from grabbing up the property and flipping it to another buyer within months, as they often do. Previously, it was difficult for people with lower incomes to afford these high-priced properties and compete in the auction.

To claim the Illinois exemption, purchasers must complete the Streamlined Sales Tax(tm) Exemption Certificate. This form is available for download in most states’ websites and includes instructions on the back for both sellers and purchasers. Purchasers should keep a copy of the completed exemption certificate for their records.

Selling off property can be a complicated process, even for those with extensive experience in the industry. It can be more efficient and effective to work with a reputable local land company that has extensive knowledge of the area’s laws, market conditions and real estate practices. However, it’s important to do your due diligence on any company you choose to partner with so you can weigh the pros and cons carefully based on your individual situation. With patience and the right partner, it’s possible to streamline the selling of your property in a way that achieves your financial goals and makes sense for your unique situation. For more information, visit our website or call us today. We look forward to hearing from you! — Landmark Equity Group, LLC. 2018 All Rights Reserved. Terms of Service.