Level of Assessment In the State of Illinois in all counties except Cook County,
Market ValueReal Property is assessed at 1/3 of Market Value. (Market
Tax RateValue multiplied by .3333) Conversely than the estimated
Table of Contents
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 Rateprobable price in terms of money the property would bring
Table of Contents 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 Assessmentamount of money the various taxing bodies budget
Market Valueagainst the property tax) by the Total Equalized Assessed
Table of Contents 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