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Click ‘Get Form’ to open the Illinois Forest Products Timber Sale Contract in the editor.
Begin by filling in the names of the Seller(s) and Buyer(s) at the top of the contract. Ensure that you specify whether they are individuals or corporations.
In Article I, enter the agreed sale price for the forest products and provide a detailed description of the property from which timber will be harvested.
Complete Part I by detailing any specific terms regarding ingress and egress rights, as well as designating a technical agent if applicable.
Fill in performance requirements in Article VII, including rates for various types of timber and conditions for road usage.
Finally, ensure all parties sign and date the contract at the bottom, including any necessary witnesses or notary acknowledgments.

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What is the timber tax in Illinois?

When timber is sold, Illinois law requires that the timber buyer deduct a harvest fee of 4% from the total price paid the owner.

What is timber ground worth in Illinois?

However, the value of recently cutover forest land in Illinois is quite variable due to the gross disparity of land values from north, south, east, and west. Heck, cutover forest land could be worth $500/acre in southern Illinois to $50,000/acre near the suburbs of Chicago.

What is the 10.25 tax in Illinois?

The Chicago sales tax rate is 10.25%. This includes State 6.25%, County 1.75%, City 1.25% and Special 1%. Therefore, all Illinois orders are charged Chicagos sales tax rate.

At what age do you stop paying property tax in Illinois?

To qualify you must: be age 65 by December 31st of the assessment year for which the application is made. own and occupy the property. be liable for the payment of real estate taxes on the property.

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