35 ILCS 200/9-160
2021 Illinois Compiled Statutes|Chapter 35 - REVENUE|35 ILCS 200/ - Property Tax Code.|Title 3 - Valuation and Assessment

Sec. 9-160.     Valuation in years other than general assessment years.     On or  before June 1 in each year other than the general assessment year, in all  counties with less than 3,000,000 inhabitants, and as soon as he or she  reasonably can in counties with 3,000,000 or more inhabitants, the assessor  shall list and assess all property which becomes taxable and which is not upon  the general assessment, and also make and return a list of all new or added  buildings, structures or other improvements of any kind, the value of which had  not been previously added to or included in the valuation of the property on  which such improvements have been made, specifying the property on which each  of the improvements has been made, the kind of improvement and the value which,  in his or her opinion, has been added to the property by the improvements.  The  assessment shall also include or exclude, on a proportionate basis in  accordance with the provisions of Section 9-180, all new or  added buildings, structures or other improvements, the value of which was  not included in the valuation of the property for that year, and all  improvements which were destroyed or removed. In case of the destruction or  injury by fire, flood, cyclone, storm or otherwise, or removal of any  structures of any kind, or of the destruction of or any injury to orchard  timber, ornamental trees or groves, the value of which has been included in any  former valuation of the property, the assessor shall determine as near as  practicable how much the value of the property has been diminished, and make  return thereof.Beginning January 1, 1996, the authority within a unit of local government  that is responsible for issuing building or occupancy permits shall notify the  chief county assessment officer, by December 31 of the assessment year, when a  full or partial occupancy permit has  been issued for a  parcel of real property. The chief county assessment officer shall  include in the assessment of the property for the current year the  proportionate value of new or added improvements on that property from the date  the occupancy permit was issued or from the date the new or added  improvement was  inhabitable and fit for occupancy or for intended customary use until December 31 of that year. If the chief county  assessment officer has already certified the books for the year, the board of  review or interim board of review shall assess the new or added improvements on  a proportionate basis for the year in which the occupancy permit was issued or the new or added  improvement was  inhabitable and fit for occupancy or for intended customary use.   The proportionate value of  the  new or added improvements may be assessed by the board of review  or interim  board of review as omitted property pursuant to Sections 9-265, 9-270, 16-50  and 16-140 in a subsequent year on a proportionate basis for the year in which  the occupancy permit was  issued or the new or added improvement was  inhabitable and fit for occupancy or for intended customary use  if it was not assessed in that year.    (Source: P.A. 91-486, eff. 1-1-00.)