Publication 122 2025

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The document is a publication by the Illinois Department of Revenue providing detailed instructions for assessing farmland in Illinois. It outlines definitions of land use categories, assessment methods for cropland, permanent pasture, other farmland, and wasteland, as well as guidelines for alternative uses and adjustments based on soil productivity. The publication also includes tables with certified values for farmland assessments and discusses the assessment of farm homesites and buildings. It emphasizes the importance of accurate soil mapping and provides methodologies for determining the assessed value of various types of farmland.

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Click ‘Get Form’ to open Publication 122 in the editor.
Begin by reviewing the 'Definition of Land Use' section. Familiarize yourself with the types of farmland: cropland, permanent pasture, other farmland, and wasteland.
Proceed to the 'How is farmland assessed?' section. Fill in the necessary fields regarding your land's productivity index (PI) and equalized assessed value (EAV).
Utilize the adjustment factors outlined for slope, erosion, and flooding. Input any relevant adjustments based on your land's conditions.
Complete the 'Assessment of Farmland' section by entering data from Tables 1 and 2 as applicable to your property.
Review all entries for accuracy before saving or submitting your form through our platform.

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How to avoid capital gains tax on farmland?

How to Avoid Paying Capital Gains Taxes on a Land Sale 1031 Exchange. 1031 exchanges allow the investor to reinvest the money into a like-kind asset without owing taxes on the gain. Deferred Sale. Installment Sale. Offset Gains With Capital Losses. Donate the Land to a Charity. Beneficiaries Sell After Your Death. How to Avoid Capital Gains Taxes on Land Sale - SmartAsset.com SmartAsset.com taxes avoid-capital-gains-taxes- SmartAsset.com taxes avoid-capital-gains-taxes-

Does Wisconsin have a 183 day rule?

That means if you sell your home for a gain of less than $250,000 (or $500,000 if married, filing jointly), you wont be obligated to pay capital gains tax on that amount. However, there are certain criteria you must meet to qualify for the home sale exclusion. Capital Gains Tax Exclusion for Homeowners: What to Know for 2025 Kiplinger taxes capital-gains-home-s Kiplinger taxes capital-gains-home-s

How many acres do you need to be considered a farm for taxes in Illinois?

Wisconsin tax authorities often use the 183-day rule to determine residency, so tracking how much time you spend in the state is essential. How to Leave Wisconsin Residency [Guide] Savvy Nomad Blog about Taxes and Residencies leave-wisconsin-residency Savvy Nomad Blog about Taxes and Residencies leave-wisconsin-residency

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