Once the hearing before the Property Tax Appeal Board has been terminated and all briefs and any required additional documentation are received, the Board renders its decision. A majority of the Board is necessary to make a decision. Assessments set by the Property Tax Appeal Board are subject only to the state multiplier as established by the Illinois Department of Revenue. This provision is authority for the county treasurer to issue a refund once the decision of the Property Tax Appeal Board is final. Interest in the amount of five percent per year will be paid on refunds generated from Property Tax Appeal Board decisions.
Interest begins from the date taxes are due or the date paid, whichever is later.
The Property Tax Appeal Board can correct or revise its decisions, once rendered, at any time before the expiration of the appeal period as provided in the Administrative Review Law if a mistake in the calculation of an assessment or other clerical error is discovered. However, the Board's enabling statute provides no means for rehearing or reconsideration of its decisions for substantive reasons. G. Stratton Office Bldg.