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Equitable recoupment is a judicially created defense most commonly applied in legal cases in the federal and state tax systems of the U.S.. [1] [2] This doctrine can allow, under specific circumstances, the government to defeat a refund claim or a taxpayer to avoid an assessment on the basis of a past underpayment or overpayment that is outside the statute of limitations period.
Income taxes are filed annually by the payer, and must be filed by April 15, or the next business day if the 15th falls on a weekend. Failure to file taxes is a criminal offense. Overpayment of taxes will result in the state issuing a refund of the overpaid amount, or the overpayment can be held as a credit for the next taxing period.
The treasurer also, per state law, oversees the process of refunding overpayment of taxes. [1] As of 2022, the salary paid to the elected Cook County Treasurer is $115,500. [3] As of October 2021, the Cook County Treasurer's office has 58 employees and a total annual budget of $12,703,015. [4]
The average property tax rate is 0.56%, one of the lowest rates in the country. The average homeowner will pay around $1,707 - more than $1,000 less than the national average.
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The largest property tax exemption is the exemption for registered non-profit organizations; all 50 states fully exempt these organizations from state and local property taxes with a 2009 study estimating the exemption's forgone tax revenues range from $17–32 billion per year.
For example, if the tax rate is 51.7 mills, multiply .0517 by the assessed value (Property Value x Assessment Ratio) to determine the amount of property tax due.
In the United States, the Internal Revenue Code allows the Internal Revenue Service (IRS) to divert overpayments of taxes to satisfy other federal taxes, [1] certain past-due support obligations, [2] debts owed to other Federal agencies, [3] state income tax obligations, [4] county taxes, local taxes and unemployment compensation debts. [5]
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