35 ILCS 200/16-65
2021 Illinois Compiled Statutes|Chapter 35 - REVENUE|35 ILCS 200/ - Property Tax Code.|Title 5 - Review and Equalization

Sec. 16-65. Equalization process. The board of review shall act as an  equalizing authority, if after equalization by the supervisor of assessments  the equalized assessed value of property in the county is not 33 1/3% of the  total fair cash value. The board shall, after notice and hearing as required by  Section 12-40, lower or raise the total assessed value of property in any  assessment district within the county so that the property, other than farm  and coal property assessed under Sections 10-110 through 10-140 and Sections  10-170 through 10-200, will be assessed at 33 1/3% of its fair cash value.For each assessment district of the county, the board of review shall  annually determine the percentage relationship between the valuations at which  property other than farm and coal property is listed and the estimated 33 1/3%  of the fair cash value of such property.  To make this analysis, the board  shall use at least 25 property transfers, or a combination of at least 25  property transfers and property appraisals, such information as may be  submitted by interested taxing bodies, or any other means as it deems proper  and reasonable.  If there are not 25 property transfers available, or if these  25 property transfers do not represent a fair sample of the types of properties  and their proportional distribution in the assessment district, the board shall  select a random sample of properties of a number necessary to provide a  combination of at least 25 property transfers and property appraisals as much  as possible representative of the entire assessment district, and provide for  their appraisal.  The township or multi-township assessor shall be notified of  and participate in the deliberations and determinations.In assessment year 2011, the board of review shall consider compulsory sales in its equalization process.The board of review, in conjunction with the chief county assessment officer, shall determine the number of compulsory sales from the prior year for the purpose of revising and correcting assessments.  The board of review shall determine if the number of compulsory sales is at least 25% of all property transfers within the neighborhood, township, multi-township assessment district, or other specific geographic region in the county for that class of property, but shall exclude from the calculation (i)  all property transfers for which the property characteristics and condition are not the same as those characteristics and condition used to determine the assessed value and (ii) any property transfer that is not an arm's length transaction based on existing sales ratio study standards (except for compulsory sales).  If the board determines that the number of compulsory sales is at least 25% of all property transfers within the defined geographic region for that class of property, then the board of review must determine (i) the median assessment level of arm's length transactions and (ii) the median assessment level of compulsory sales.  If the median assessment level of compulsory sales is higher than the median assessment level of arm's length transactions, then compulsory sales shall be included in the arm's length transaction study and the board must calculate the new median assessment level. Assessed values of properties within the specific geographic area for that class of property must be revised to reflect this new median assessment level. The revised median assessment level shall be the basis for equalization as otherwise provided in this Section.With the ratio determined for each assessment  district, the board shall ascertain the amount to be added or  deducted from the aggregate assessment on property subject to local  assessment jurisdiction, other than farm and coal property, to produce a  ratio of assessed value to 33 1/3% of the fair cash value equivalent to 100%.  However, in determining the amount to be added to the  aggregate assessment on property subject to local jurisdiction in order  to produce a ratio of assessed value to 33 1/3% of the fair cash value  equivalent to 100%, the board shall not, in any one  year, increase or decrease the aggregate assessment of any assessment  district by more than 25% of the equalized valuation of the district  for the previous year, except that additions, deletions or depletions to  the taxable property shall be excluded in computing the 25% limitation.  The board shall complete the equalization by the date prescribed in Section  16-35 for the board's adjournment, and, within 10 days thereafter, shall report  the results of its work under this Section to the Department.  At least 30 days  prior to its adjournment, the board shall publish a notice declaring whether  it intends to equalize assessments as provided in this Section.  The notice  shall be published in a newspaper of general circulation in the county.  If the board fails to report to the Department within the required time, or if  the report discloses that the board has failed to make a proper and  adequate equalization of assessments, the Department shall direct,  determine, and supervise the assessment so that all assessments of property are  relatively just and equal as provided in Section 8-5.  (Source: P.A. 96-1083, eff. 7-16-10.)