These are added together to obtain the parcel's assessed value. Every time a property is improved, it is reassessed, even if it would not have been scheduled for a reassessment that year. The property will be reassessed once the assessing official receives notice that a building permit has been issued. Limited to Increase. Any abatement obtained will apply only to taxes on the increase in assessed value attributable to the new construction, renovation, or rehabilitation.
Taxes based on the land value and previously existing improvements continue to be collected.
Multiplier or Equalizer. Incentives or abatements do not affect the multiplier. The multiplier or equalization factor is the application of a percentage increase or decrease, generated by the Illinois Revenue Department, in order to adjust assessment levels in various counties to the same percentage of full value. Under the Enterprise Zone Program, the value of abated property is subtracted from the tax base prior to the calculation of the tax rate. No TIF Abatements.