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Illinois Compiled Statutes
Information maintained by the Legislative Reference Bureau Updating the database of the Illinois Compiled Statutes (ILCS) is an ongoing process. Recent laws may not yet be included in the ILCS database, but they are found on this site as Public Acts soon after they become law. For information concerning the relationship between statutes and Public Acts, refer to the Guide. Because the statute database is maintained primarily for legislative drafting purposes, statutory changes are sometimes included in the statute database before they take effect. If the source note at the end of a Section of the statutes includes a Public Act that has not yet taken effect, the version of the law that is currently in effect may have already been removed from the database and you should refer to that Public Act to see the changes made to the current law.
REVENUE (35 ILCS 200/) Property Tax Code. 35 ILCS 200/16-200
(35 ILCS 200/16-200)
Sec. 16-200.
Review of farmland and coal assessments.
Assessments in each
county made under Sections 10-110 through 10-140 and 10-170 through 10-200
shall be subject to review by the Department to determine whether they are
being made in accordance with those Sections. If it appears to the Department
that local assessing officials are not assigning values determined under the
Sections cited above, the Department may order a reassessment under Section
13-10 or may order that the Board of Review reconvene to correct those
assessments.
(Source: P.A. 80-1386; 88-455.)
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35 ILCS 200/16-205
(35 ILCS 200/16-205)
Sec. 16-205.
Limitation on Department review of individual assessments.
Nothing in this Code shall be construed to give the Department any power,
jurisdiction or authority to review, revise, correct or change any individual
assessment made by any local assessment officer.
(Source: Laws 1943, vol. 1, p. 1136; P.A. 88-455.)
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35 ILCS 200/Art. 17
(35 ILCS 200/Art. 17 heading)
Article 17.
State Equalization Process
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35 ILCS 200/17-5
(35 ILCS 200/17-5)
Sec. 17-5.
Equalization among counties.
The Department shall act as an
equalizing authority. It shall examine the abstracts of property assessed for
taxation in the counties and in the assessment districts in counties having
assessment districts, as returned by the county clerks, and shall equalize the
assessments between counties as provided in this Code. Except as hereinafter
provided, the Department shall lower or raise the total assessed value of
property in each county as returned by the county clerk, other than
property
assessed under Sections 10-110 through 10-140 and 10-170 through 10-200, so
that the property will be assessed at 33 1/3% of its fair cash value.
The Department shall annually determine the percentage relationship, for each
county of the State, between the valuations at which locally-assessed property,
other than property assessed under the Sections 10-110 through 10-140 and
10-170 through 10-200, as listed by assessors and revised by boards
of review, and the estimated 33 1/3% of the fair cash value of
the
property. To make this analysis, the Department shall use property transfers,
property appraisals, and other means as it deems proper and reasonable.
With the ratio determined for each county, the Department shall then
determine the percentage to be added to or deducted from the aggregate reviewed
assessment on property subject to local assessment jurisdiction, other than
property assessed under the Sections cited above, to produce a ratio of
assessed value to 33 1/3% of the fair cash value equivalent to 100%.
(Source: P.A. 91-555, eff. 1-1-00.)
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35 ILCS 200/17-10
(35 ILCS 200/17-10)
Sec. 17-10. Sales ratio studies. The Department shall monitor the
quality of local assessments by designing, preparing and using ratio studies,
and shall use the results as the basis for equalization decisions. In
compiling sales ratio studies, the Department shall exclude from the reported
sales price of any property any amounts included for personal property and,
for sales occurring through December 31, 1999, shall exclude
seller paid points. The Department shall not include in its sales ratio
studies sales of property which have been platted and for which an increase in
the assessed valuation is restricted by Section 10-30.
The Department shall not include in its sales ratio studies the initial sale
of residential property that has been converted to condominium property. The Department shall include compulsory sales occurring on or after January 1, 2011 in its sales ratio studies. The Department shall also consider whether the compulsory sale would otherwise be considered an arm's length transaction, based on existing sales ratio study standards.
When the declaration
required under the Real Estate Transfer Tax Law contains financing information
required under Section 31-25, the Department shall adjust sales prices to
exclude seller-paid points and shall adjust sales prices to "cash value" when
seller related financing is used that is different than the prevailing cost of
cash. The prevailing cost of cash for sales occurring on or after January 1,
1992 shall be established as the monthly average 30-year fixed Primary Mortgage
Market Survey rate for the North Central Region as published weekly by the
Federal Home Loan Mortgage Corporation, as computed by the Department, or such
other rate as determined by the Department. This rate shall be known as the
survey rate. For sales occurring on or after January 1, 1992, through
December 31, 1999, adjustments in
the prevailing cost of cash shall be made only after the survey rate has been
at or above 13% for 12 consecutive months and will continue until the survey
rate has been below 13% for 12 consecutive months.
For sales occurring on or after January 1, 2000, adjustments for seller paid
points and adjustments in the prevailing cost of cash shall be made only after
the survey rate has been at or above 13% for 12 consecutive months and will
continue until the survey rate has been below 13% for 12 consecutive months. The Department shall make
public its adjustment procedure upon request.
(Source: P.A. 96-1083, eff. 7-16-10.)
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35 ILCS 200/17-15
(35 ILCS 200/17-15)
Sec. 17-15.
Tentative equalization factor.
The Department shall forward to
the County Clerk of each county in each year its estimate of the percentage,
established under Section 17-5, to be added to or deducted from the aggregate
of the locally assessed property in that county, other than property assessed
under Sections 10-110 through 10-140 and 10-170 through 10-200. The percentage
relationship to be certified to each county
by the Department as provided by Section 17-25 shall be determined by the ratio
between the percentage estimate so made and forwarded, as provided by this
Section, and the level of assessments of the assessed valuations as made by the
assessors and thereafter finally revised by the board of review of that county. Such estimate shall be forwarded by the Department
to
the County Clerk of any County within 15 days after the chief county
assessment officer files with the Department an abstract of the assessments
of the locally assessed property in the county, as finally
revised. The abstract shall be in substantially the same form as
required of the County Clerk by Sections 9-250 and 9-255 after
completion of the revisions thereafter to be made by the board of review of the
county, except that the abstract shall
specify separately the amount of omitted property, and the amount of
improvements upon property assessed for the first time in that year.
The chief county assessment officer shall forward the abstract to the
Department within 30 days after returning the county assessment books to the
county board of review.
(Source: P.A. 91-555, eff. 1-1-00.)
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35 ILCS 200/17-20
(35 ILCS 200/17-20)
Sec. 17-20. Hearing on tentative equalization factor. The Department
shall, after publishing its tentative equalization factor and giving notice
of hearing to the public in a newspaper of general circulation in the county,
hold a hearing on its estimate not less than 10 days nor more than 30 days from
the date of the publication. The notice shall state the provided hearing platform and accessibility instructions, date, and time of the
hearing, the basis for
the estimate of the Department, and further information as the Department may
prescribe. The Department shall, after giving a hearing to all interested
parties and opportunity for submitting testimony and evidence in support of or
adverse to the estimate as the Department considers requisite, either confirm
or revise the estimate so as to correctly represent the considered judgment of
the Department respecting the estimated percentage to be added to or deducted
from the aggregate assessment of all locally assessed property in the county
except property assessed under Sections 10-110 through 10-140 or 10-170 through
10-200. Within 30 days after the conclusion of the hearing the Department
shall mail to the County Clerk, by certified mail, its determination with
respect to such estimated percentage to be added to or deducted from the
aggregate assessment.
(Source: P.A. 102-1019, eff. 1-1-23 .)
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35 ILCS 200/17-25
(35 ILCS 200/17-25)
Sec. 17-25.
Application of final equalization factor.
The assessments of
all property, other than property assessed under Sections 10-110 through 10-140
and 10-170 through 10-200, as returned by the county clerks, shall be
equalized by adding to the aggregate assessed value thereof in every county in
which the Department finds the valuation to be less than 33 1/3% of the fair
cash value of the property, the rate per cent which will raise the aggregate
assessed valuation to 33 1/3% of fair cash value, and by deducting from the
aggregate assessed value thereof, in every county in which the
Department finds the valuation to be more than 33 1/3% of the fair cash value,
the rate per cent which will reduce the aggregate assessed valuation to
33 1/3% of fair cash value.
However, no equalization factor shall be certified by the Department to
raise or reduce the aggregate assessed value of any county in
which
the aggregate assessed value of property other than that assessed under the
Sections cited above, is more than 99% and less than 101% of 33 1/3% of fair
cash value.
(Source: P.A. 91-555, eff. 1-1-00.)
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35 ILCS 200/17-30
(35 ILCS 200/17-30)
Sec. 17-30.
Certification of final equalization factor.
When the
Department has
completed its equalization of assessments in each year, it shall certify to
each county clerk the percentage finally determined by it
to be added to or
deducted from the listed or assessed valuation of property in the county as
returned by the county clerk.
(Source: P.A. 91-555, eff. 1-1-00.)
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35 ILCS 200/17-35
(35 ILCS 200/17-35)
Sec. 17-35.
Certification of assessments.
The Department shall certify to the county clerks of the proper
counties the assessments made by it on certified pollution control
facilities, low sulfur dioxide emission coal fueled devices and on property
owned or used by railroad companies operating within this State, along with the
distribution of those railroad assessments among the respective taxing
districts within the counties. The county clerks shall extend the taxes for all
purposes on the amounts so certified, in the same manner as taxes are extended
against other property in the taxing districts in which the pollution control
facilities, low sulfur dioxide emission coal fueled devices and railroad
property are allocated or distributed.
(Source: P.A. 91-555, eff. 1-1-00.)
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35 ILCS 200/17-40
(35 ILCS 200/17-40)
Sec. 17-40.
Publication of final equalization factor.
The Department
shall publish in each county the percentage and equalization factor certified
to each county clerk under Section 17-30. If the percentage differs from the
percentage derived from the initial estimate certified under Section 17-15, a
statement as to the basis for the final percentage shall also be published.
The Department shall provide the statement to any member of the public upon
request.
(Source: P.A. 79-703; 88-455.)
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35 ILCS 200/Tit. 6
(35 ILCS 200/Tit. 6 heading)
TITLE 6.
LEVY AND EXTENSION
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35 ILCS 200/Art. 18
(35 ILCS 200/Art. 18 heading)
Article 18.
Levy and Extension Process
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35 ILCS 200/Art. 18 Div. 1
(35 ILCS 200/Art. 18 Div. 1 heading)
Division 1.
Levying process
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35 ILCS 200/18-10
(35 ILCS 200/18-10)
Sec. 18-10.
County levies.
The county board of each county with less than
3,000,000 inhabitants shall, annually, at the September session, determine the
amount of county taxes to be levied for all purposes. Any county with less than
3,000,000 inhabitants which has changed its fiscal year may, at the September
session or at any adjourned meeting thereof, instead of determining the amount
of all county taxes to be levied for a one-year period, determine the amount of
taxes to be levied during a period greater or less than a year as required by
the change of the fiscal year. The county board of each county with 3,000,000
or more inhabitants shall, annually, prior to the third Monday of March,
determine the amount of county taxes to be levied for all purposes. The amount
for each purpose shall be stated separately. All counties shall certify to the
county clerk annually, on or before the last Tuesday in December the amounts
that they have levied.
(Source: P.A. 87-17; 88-455.)
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