Retirement Communities in Illinois
It may not be Florida, Arizona or even the Carolinas, but Retirement Communities in Illinois are becoming the choice of more and more seniors.
Whether you are looking for big city atmosphere like Chicago, a smaller mid-sized city or a rural area, Illinois has a lot to offer. Many of the states longtime residents are finding that staying in Illinois is a much more affordable alternative than moving to one of the more popular retirement destinations. The fact that they can stay near their family and friends provides an added bonus.
Many developers of Retirement Communities in Illinois are also recognizing the need to build in the state that boasts the nations fifth largest population. Retirement communities are popping up in small towns like Hoffman Estates, Elgin, Mundelein and Shorewood. The nations largest retirement community developer, Del Webb is even building an active adult community that when finished will have over 6,000 new homes making it the largest planned retirement community in the Midwest.
If youre looking for a mid-sized city, Naperville, with a population of around 140,000 has become one of the more popular retirement destinations. It has a thriving downtown area and lots of greenery but because of its proximity to Chicago, traffic congestion is something to consider.
In the northwest corner of the state along the banks of the Mississippi is one of Illinois best kept retirement secrets. Galena, a small village of about 3600 people, is a charming community that is attracting all types of people. The beautiful bluffs and scenic valleys are appealing to not onlky those with a creative side but the outdoor adventurer who loves any of the many water sports that the Mississippi has to offer.
Further south, in the River Bend Region, three rivers come together- the Mississippi, the Illinois and the Missouri. The affordability, laid back lifestyle and history of the small towns like Alton, Elsah, Godfrey, Wood River are making this area more and more appealing to many retirees.
College towns are the latest trend in retirement living. The Champaign-Urbana area, home of the University of Illinois, as well as Carbondale, Charleston and Macomb each present an environment where retirees can find a wide variety of artistic and cultural activities without giving up the small town setting.
Just remember that if you are considering one of the Retirement Communities in Illinois that you make sure to visit at least twice, once in the summer and then again in the winter before you make your final decision.
Important Facts if you are considering one of the Retirement Communities in Illinois:
Median Home Price: $167,711
Personal Income Tax: Yes
Illinois taxpayers calculate their state liability by multiplying their income by a flat rate, currently 3 percent.
Sales Tax: Yes
General Tax Rate is 6.25%. A reduced rate of 1 percent applies to qualifying food, drugs and medical supplies.
Property Tax: Yes
--The property tax is a local -- not state -- tax, imposed by local government taxing districts, which include counties, townships, municipalities, school districts and special taxing districts.
--Only real property (real estate) is taxed in Illinois.
--Most property in Illinois is assessed at 33.33 percent of its market value, except for farmland. Farmland is not assessed on its market value, but on its ability to produce income.
--Counties with a population of more than 200,000 may classify property for assessment purposes. Only Cook County does this; it has 13 classes or properties with assessment levels from 16 percent of market value (residential property) to 38 percent of market value (commercial property).
--There are several homestead exemptions available for Illinois homeowners:
*General Homestead Exemption,
*Senior Citizens Assessment Freeze Homestead Exemption,
*Senior Citizens Homestead Exemption,
*Homestead Improvement Exemption and
*Disabled Veterans' Exemption
--There is also the Senior Citizens Real Estate Tax Deferral Program which allows seniors 65 and older, who have a total household income of less than $50,000 and that meet certain other qualifications, to defer all or part of the real estate taxes and special assessments on their principal residences. The deferral is similar to a loan against the property's market value and a lien is filed on the property in order to ensure repayment of the deferral.
Inheritance and Estate Tax: No
For More Information: Contact the Illinois Department of Revenue website
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