What is an assessment?
An assessment involves identifying the real property within a jurisdiction, listing it, appraising it and placing a value for it on the tax rolls. This value is known as the assessment and is the basis for determining what portion of the total tax burden each property owner will bear.

In Illinois, the statutory assessment level is normally one-third of the market value of a property with several exceptions including:
(1) Farmland
(2) approved forestry management plan
(3) common areas
(4) certain subdivision land
(5) approved dedicated nature preserve, conservation stewardship, right of public benefit
(6) alternate valuation for solar heating or cooling

Show All Answers

1. What is an assessment?
2. Who assesses property?
3. Who oversees that the assessment work is completed each year?
4. When are initial assessments complete?
5. Are taxpayers notified about the assessments on their property?
6. What property is exempt from property tax?
7. What property tax relief is available?
8. What problems are generated by inequality in assessments for taxpayers?