What is the property tax assessment process in Illinois?

The property tax assessment process in Illinois involves several key steps. Firstly, local assessors determine the value of each property in their jurisdiction periodically. These values are then adjusted for assessing purposes by applying a multiplier set by the Illinois Department of Revenue. The assessed value is generally a percentage of the property's fair market value. Property owners receive notices of their assessments and have the right to appeal if they believe it is incorrect. County boards of review and later, the Property Tax Appeal Board, handle these appeals. Upon completion of the assessment process, the county clerk calculates and extends the property taxes based on the assessed value. Ultimately, property tax bills are issued to the owners by the county treasurer's office, with payment due dates specified. Proper understanding of this assessment process is crucial for property owners in Illinois to ensure fair tax evaluations.