The tax year is the year of assessment and reflects the value of property as of January 1 of that year. The actual tax bills are paid in the year following the tax year. Most property in Illinois is assessed at 33.33 percent of its market value, except for farmland. Farmland is not assessed on its market value, but on its ability to produce income. Contact the tax assessor's office for exemptions and tax rates.
Cook County is the only county in Illinois that differs.
The assessment levels vary according to the type of property in this county. Vacant land is assessed at 22 percent, single-family residences at 16 percent, apartments at 33 percent, commercial property at 38 percent and industrial property at 36 percent. C ontact the county tax assessor's office for rates. Homeowners are offered a Property Tax Credit of 5 percent for residential property taxes paid. The filing and payment requirements are similar to federal income tax procedures.