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. For a return, homeowners need to file Form IL-1040, which is due annually by the 15 th day of the 4 th month following the close of the taxable year. For most individuals, this is April 15. The deadline is December 31.