| Tax Cycle |
The Illinois Real Estate Property Tax System follows a |
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| repeating tax cycle. This tax cycle is a set of processes or |
| list of phases that take place over approximately two |
| years. You will note the term current assessment year and |
| next calendar year to distinguish the time difference when |
| the same months are mentioned. These phases of the tax |
| cycle only highlight the particular process of the tax cycle |
| given priority during the tax cycle. The reappraisal or |
| reassessment process is always on going. Data is |
| continually being documented regarding sales, new |
| construction, new improvements to existing property, |
| property divisions or consolidations, etc. |
| 1. Prior to beginning of each new year usually in |
| December of the year just ending the Supervisor of |
| Assessment for the county holds a meeting with all |
| township assessors. At this meeting information |
| regarding any new laws that effect the assessment |
| process is explained. Also any tentative assessment |
| multipliers dictated by the Illinois Department of |
| Revenue's Sales Ratio Study are given to each respective |
| township. Read topic "Why Property is Reassessed Each |
| Year" for a detailed explanation. |
| 2. January to July is the township assessor's phase. New |
| property is documented and put on the assessment roll. |
| Reassessment due to the Sales Ratio Study and for |
| maintaining equity is completed. |
| 3. July and August is the Supervisor of Assessment's |
| (S/A) phase. The supervisor of assessments reviews the |
| township assessor's work mainly that reassessment of |
| existing property meets amount indicated by the DOR's |
| Sale Ratio Study. If it does not a township multiplier is |
| applied at the county level against all properties in the |
| township to meet this number. Assessors can still submit |
| assessment revisions for new construction or factual |
| errors only during this period. The S/A sends out |
| reassessment notices and publishes assessments in |
| 4. September to December is the Board of Review (BOR) |
| phase. Property owners have thirty days from the date |
| the assessments are published in the paper to file an |
| Assessment Appeal with the Board of Review. The Board |
| of Review documents the appeals, notifies the assessor, |
| and schedules hearing dates for appeals. The BOR |
| typically mails there appeal decisions in January of the |
| following year. Remember property tax bill is always |
| based on the prior years assessment. Assessor reviews |
| assessment appeals and prepares evidence on behalf of |
| the township for the hearing. |
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| phase. Each taxing body must submit there tax levy in the |
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| month of December to the County Clerk's Office. The |
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