The Assessment Process
As the Assessor my job is to place what the Illinois Tax Code refers to as the “fair cash value” on all the properties in Plato Township. Please remember that the “fair cash value” does not necessarily mean what your property is worth today. The value is based on an average of what properties were selling at for the three previous years. An assessment is approximately one third of the fair cash value.
The first step in arriving at the fair cash value is to know where the property is located and how large the property is, including the land and any improvements. Up-to-date maps help with this. Then each property needs to be physically measured and checked for characteristics that can increase or decrease the value such as number bathrooms, fireplaces, porches, garage, finished basements, etc. We also use information from newspapers, multiple listings, real estate agents, appraisers, and your neighbors. One of the most important characteristics is the quality of construction used in the improvement. It is possible for someone’s home to be smaller than their neighbor’s, but because of the quality, the value may be higher.
The other critical aspect of arriving at your market value is the records of sales detailing the price, and terms and conditions of the sales on properties located in the surrounding area.
The ultimate purpose of the assessed value is to proportion the tax burden, as established by the taxing bodies, over all property in a fair and equitable manner based on the value of real estate.