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.