Q:      Has the assessor placed a fair value on my property?

A:    A legal assessment for tax purposes on any parcel of property in any county in Illinois except Cook County is 33 1/3 percent of the property’s market value, excluding farmland and farm-related buildings. To determine whether your particular assessment is fair, you must know two factors: the market value of your property and the assessed value of your property. The market value of your property is defined as the price you would accept if a willing and able buyer would offer to purchase your property at today’s prices.

    The assessed value of your property may be obtained from the township or multi-township assessor or from the county supervisor of assessments. Dividing the assessed value of your property by its market value will give you the percentage level of your assessment. By following this procedure for similar property in your area, you can compare your assessment to the average assessment level to determine if your property has been assessed at a fair value.

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