How is the bond amount set for an Illinois bonded title?
At one and one-half times the value of the vehicle as determined by the Secretary of State, under 625 ILCS 5/3-109. The bond indemnifies prior owners, lienholders, and later purchasers against loss. An independent appraisal comes into play when the vehicle is a classic, a rebuild, or otherwise outside the guides the Secretary of State relies on.
Does Illinois have a gift tax?
No separate gift tax, but lifetime gifts are not ignored. Illinois Form 700 must be filed when an estate's gross value exceeds $4,000,000 after adjusted taxable gifts are added back, whether or not a federal return is required, and the Attorney General's office expects the appraisals that support the values to accompany the return.
Does Illinois license personal property appraisers?
No. Illinois licenses real estate appraisers only; there is no parallel Illinois license, exam, or education requirement for appraisers of personal property. The Probate Act asks only that appraisers employed by a representative be competent and disinterested, and courts look for USPAP-compliant methodology, which is the standard our appraisers work to.