Property Assessors Offices - Illinois Laws and Regulations

Learn about the laws and regulations governing an Illinois property Assessor

Illinois property assessors offices laws and regulations deal with property taxes that are based on the estimated value of real property. The fair market value is the most common standard of value used in Illinois, although there are other standards, such as the foreclosure value or distressed sale value. A property tax exemption is applied by reducing a property's assessed value by a specified amount before calculating the property tax.

There are a variety of information sources regarding the laws on Illinois property taxes. These sources include the three following categories:

1. The Illinois state government. These sources offer official information, including state laws that deal with Illinois county assessors.
2. County and municipal governments in Illinois. These sources provide the rules and procedures for a specific property assessors office in Illinois.
3. Illinois law firms that include property law as one of their areas of practice. These firms may provide information on specific issues of property tax laws in Illinois.
   

Examine the laws that control assessors of Illinois property assessors

The state government of Illinois will have specific laws for property tax assessors. Private organizations also provide summaries and general information on property tax assessor laws in Illinois.
Illinois General Assembly describes the duties of the property tax assessor in the Property Tax Code. The Illinois Department of Commerce and Economic Opportunity summarizes the legal incentives for property taxes in Illinois.

Study the procedures for conducting Illinois property assessment in a particular jurisdiction

Local governments have specific procedures for property assessments and also may offer an online search of an Illinois property database. A complete list of Illinois property tax records may also be available.
Supervisor for Assessments in Adams County provides an overview of the legal assessment value of property in Illinois. The Cook County Assessor's Office provides descriptions for the property tax exemptions that Illinois law allows.

Review Illinois property assessors laws from law firms in Illinois

Illinois lawyers who specialize in property law frequently offer summaries on the property taxes that are assessed in Illinois. They also may write articles on specific issues regarding property taxes in Illinois.

• Many laws on Illinois property assessments are the result of the Financial Institutions Reform and Recovery and Enforcement Act (FIRREA). The savings and loan crisis of the late 80s resulted in the passage of the FIRREA in 1989, which required the adoption of property appraisal standards in the United States.

Copyright © 2013 Business.com, Inc. All Rights Reserved.

---