Each Township
Assessor assesses property
values within their Township. With
the exception of farmland & farm
buildings, property is assessed at 1/3
of fair market value. Farmland
Assessments are based on
productivity index provided by the
State of Illinois & soil types. Farm
buildings are assessed at 1/3 of the
contributory value to the farm.
The County Assessment Office
reviews the work of the Township
Assessors and may equalize
assessments as appropriate to ensure
that property is assessed at 1/3 of
fair market value. The Board of
Review hears complaints and
adjusts, as necessary.
After the County Assessment
Office and Board of Review finish
their work an abstract of property
values is submitted to the Illinois
Department of Revenue, who issue
a final multiplier to ensure
property valuations are at 1/3 of
fair market value.
Meanwhile, the Boards of units of local
government are meeting to adopt their
budgets and to determine how much
revenue to request from property taxes,
which is referred to as a "Tax Levy."
Budget and Tax Levy Ordinances are
filed with the County Clerk
The County Clerk calculates property tax rates by
dividing each local government's tax levy by the
equalized assessed value of property within their
boundaries. At this step, tax caps are applied to
limit affected districts to a year-to-year increase
equivalent to the rate of inflation.
The tax rate for your property is the cumulative
property tax rate of all the units local government
in which your property lies.
The County Clerk also adds to certain property tax
bills any Court approved assessments for
maintenance of drainage ditches within the
County.
The County Treasurer and Collector
sends out the property tax bills,
collects property tax revenue, and
distributes it to the units of local
government. The Office also sells any
unpaid taxes at the annual tax sale.
What is the Property Tax Cycle?