What is the assessment notice?

WHAT IS THE ASSESSMENT NOTICE

Once each year (generally in the late summer), Assessment Notices are mailed to the parties responsible for property tax payments.  The Assessment Notice is a very important and informative document.  The notice includes:

  • The assessed value of the property broken down between land and buildings, as of January 1 of that year. (So the value is about ½ to ¾ of a year old when you receive it.)  Illinois State Statutes require assessed values to be 1/3 of market value.
  • The full Fair Market Value of your property.
  • The value of the same property for the previous year. This provides you with a basis for comparison of your values.
  • A list (not value) of your exemptions on the property identified by an “x”.
  • How to file an appeal which is your right to do. You have 30 days from the publication date (not when you receive the notice) to file an appeal.