| Level of Assessment | In the State of Illinois in all counties except Cook County, |
| Market Value | Real Property is assessed at 1/3 of Market Value. (Market |
| Tax Rate | Value multiplied by .3333) Conversely than the estimated |
| Market Value the assessor has placed on a property |
| except farmland can be calculated by multiplying the total |
| assessed value by 3 or dividing it by .3333. Farmland is |
| an exception because it is assessed according to the |
| income producing capabilities of various soil types.
|
| Market Value | The State of Illinois Department of Revenue definition of |
| Level of Assessment | "Market Value" is paraphrased as follows: The most |
| Tax Rate | probable price in terms of money the property would bring |
| exposed for sale for a reasonable length of time in the |
| open market in an arms length transaction between a |
| willing and knowledgeable buyer and a willing and |
| knowledgeable seller. (some examples of non market |
| value sales: sale between related parties, forced sales due |
| to foreclosure.
|
| Tax Rate | The Tax Rate is determined by dividing the Levy (the |
| Level of Assessment | amount of money the various taxing bodies budget |
| Market Value | against the property tax) by the Total Equalized Assessed |
| Value of the Township. Equalized Assessed Value (EAV) |
| is the Total Assessed Value minus all exemptions. |
| Example: Levy = $8,000,000 EAV = 100,000,000 8,000,000 |
| divided by 100,000,000 = Tax Rate of .08 or 8% or $8 per |
| $100 of assessed value |
| Example: EAV = 30,000 x .08 = $2,400 Tax Bill |