(105 ILCS 5/11C-2) (from Ch. 122, par. 11C-2)
Sec. 11C-2.
Appraisal guide.
In making such appraisal land shall be
appraised at its fair market value; other property shall be appraised at
its reproduction or replacement cost less depreciation and an allowance
for obsolescence, if any, but in no event shall any property be appraised
at more than its value for school purposes in the district in which it lies
after the change in boundaries or its resale value whichever is the higher.
(Source: P.A. 83-686.)
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