Illinois does not have a state property tax. The process of imposing the property tax has two distinct parts. The property tax cycle extends over a two year period. During the first year, the property is assessed and the assessed value reflects the property value as of January 1 of that year. During the second year, the actual tax bills are paid.
Local governments determine the amount in property taxes needed.
The department oversees the local assessment process. The department provides technical assistance and training to local officials, maintains taxing district maps, approves non-homestead exemptions, equalizes assessments between counties, administers the personal property replacement tax, assesses railroad operating properties and pollution control facilities, peforms complex commercial and industrial appraisals at the request of assessors, and publishes appraisal and assessment manuals.