ASSESSMENT PROCESS
Assessment Date
January 1 begins the assessment cycle for all property which is valued as to its condition on that date. If a property is being constructed, the assessed value is also determined as of January 1 but takes into consideration the progress of construction. When construction is considered "in use", the January 1 "partial" assessment is coupled with a "full" or "100% completed structure" assessment that is prorated from the date of completion to the end of the year.
Supervisor Of Assessments (County Chief Assessment Officer)
Once all of the sales studies are completed and the new construction has been valued the local Assessor "closes the assessment books" and hands them over to the Supervisor of Assessments by November 15.
The Supervisor of Assessments reviews the assessment roll and equalizes (factors) the assessments up or down if the Township, as a whole is not at the required 33.333%. Notices of assessment change are mailed and published in the local newspaper. The "books" are then delivered to the Board of Review.
Board of Review
After the assessment changes are published, the taxpayer has 30 days to file a complaint with the Board of Review. A hearing for each complaint is scheduled. The taxpayer and the Assessor give evidence as to the property valuation. The Board renders a decision and informs both parties in writing of their decision. The Board of Review publishes a list of all changes in the local newspaper.
Illinois Property Tax Appeal Board (PTAB)
Should the taxpayer not agree with the Board of Review decision, a complaint may be filed with the State of Illinois Property Tax Appeal Board within 30 days of receipt of the Board of Review's written notice. The Property Tax Appeal Board will review all evidence as to the property valuation. Once the Property Tax Appeal Board renders a decision the only recourse for the taxpayer is to file a complaint with the Circuit Court.