Frequently Asked Questions

Illinois Statute requires that property be assessed at 33.33% of fair market value. The valuation distributes the tax burden according to the fair market value of each property. Accurate information concerning your property is important for the public record. It often is used by banks and insurance companies to determine eligibility for loans or the proper amount of insurance coverage. Additionally, individuals interested in buying property rely on such information to determine a reasonable purchase price.

Each year, the Illinois Department of Revenue prepares a sales ratio study in which the assessed value of the property is compared to the actual selling price. To comply with statutes, an equalization factor of 1.0000 was applied by the Department of Revenue to all non-farm properties for the 2009 tax year for taxes to be collected in 2010.

Market value is the most probable selling price of your property -- given sufficient market exposure -- from willing, knowledgeable sellers to willing, knowledgeable buyers who are unrelated to one another. Ideally, you are assessed at 33.33% of this value.

An on-site inspection is made during a reassessment; your presence at that time isn't necessary. Real estate sales over the past three years are studied, then grouped by neighborhood and compared with similar areas to arrive at a current market value of your property.

General economic conditions (including interest rates, inflation rates, and employment rates) affect the value of real estate; these changes must be reflected on the assessment roll. Normal maintenance helps retain the market value of your property, but generally doesn't affect your assessment. Improvements that increase the market value of your property, however, will also increase the assessment.

You may call the Assessment Office to obtain your current assessed value. If your assessed value changes, you will be sent a "Change of Assessment Notice," and these changes are published in local newspapers. Please call us if you have any questions.

You may file a complaint with the Board of Review. Forms are available at the Supervisor of Assessments Office; you should be prepared to submit evidence to support your claim.

State law puts the burden of proof on the property owner to show an assessment is incorrect.

You should be prepared to prove at least one of three things:

- Items that affect the value are incorrect on your property record;

- The estimated market value is too high; or

- The estimated market value of your property is accurate but inequitable because it is higher than the estimated value of similar properties