The State of Illinois has established the Assessed Value to be at 33.33% or one-third of the Market Value. As an example; if your property had a Market Value/Fair Cash Value of $60,000 the Assessed Value would $20,000. The total Assessed Value of all properties creates the Tax Base.
The Assessor does not compute the Real Estate Taxes, does not send out Tax Bills, and does not collect Property Taxes,see Tax Cycle
It is the job of the Assessor's Office to value all properties at Market Value. This can be done by using one or more of the three approaches to valuation; 1) Cost Approach 2) Market Approach and 3) Income Approach. The Market Approach to value is the most indicitive of what is going on directly in Freeport Township.
At the closing of books for any given year the changes in assessments are then sent to the Chief County Assessment Office (CCAO). The CCAO may apply a Township Equalization Factor to the Assessor's Values. The CCAO will annually publish and send change notices when a change in assessment is made at the Freeport Township level. Please note, if your change in assessment is due to an equalization factor applied by the CCAO you may NOT receive a change notice. However, the equalization factor will be published in a local paper.
The property owner has an opportunity to dispute their assessment. It is always best to contact the Assessor's Office first. If following that meeting the property owner is not satisfied they can appeal their assessment by taking their complaint to the Board of Review (a Board of 3 persons)BOR Formand BOR RulesIf the property owner is not satisfied with the decision made by the Board of Review they may file with Illinois Property Tax Appeal Board, PTAB Form
Copyright 2009 Freeport Township Assessor. All rights reserved.