If not, you should file an assessment appeal with the Board of Review, on forms available from this office. Assessment appeals must be filed within 30 days of publication of the assessment list in the newspaper. The Board of Review will hear your appeal and make a ruling. If you are dissatisfied with the Board's ruling, you may appeal to the State of Illinois Property Tax Appeal Board. A property tax bill is calculated by multiplying the assessed value time the tax rate.
Any homestead exemptions in effect serve to reduce the assessed value.
The tax rate is determined by the budgets adopted by the local taxing districts your property resides in. The general homestead exemption reduces the taxable value. Generally, tax rates are slightly less in rural areas where fewer services are offered. Assessed values, in recent years, have increased annually, primarily in response to increasing prices in the real estate market. When the real estate market goes up, assessments will follow.