What is assessed value?
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.What is a state multiplier?
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. This study
indicated that according to the actual sales prices of properties
which sold during 2005, 2006, and 2007, Coles County's three-year
median level of assessments is not at 33.33% of market value, but at
33.53%. To comply with statutes, an equalization factor of 1.0000
was applied by the Department of Revenue to all non-farm properties for the 2008 tax year for
taxes to be collected in 2009.
What is market value?
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.
What factors will influence an
assessment change on my property?
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. See
Exemptions
for more details.
How do I know what my assessed
value is and if it changes?
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.
What if I don't agree with the
assessment?
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.
What evidence will I need?
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
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