Property Valuation for Taxes

Description: For a detailed description of the Residential Valuation Process, please see the County Assessment Office Website.

According to the website, the township assessor is charged with discovering and valuing all real property within their jurisdiction as of January 1st of each year. This means determining the fair market value of three types of real property: the land, the permanent structures on the land, and the contributory value of any farm buildings that might exist. A fourth category of property is farmland and its value is determined by the Chief County Assessment Officer as directed by the Illinois Department of Revenue.

A property owner pays their real estate taxes one year behind so that they can be active participants in the property tax cycle. Assessment officials are required by law to notify property owners of any change in the value of a property and the law also requires sufficient time for the owner to appeal said change. Each year in Champaign County our 3-member appointed Board of Review hears assessment complaints from July 1st through September 10th.

Assessment officials perform their duties through a process known as “mass appraisal”. The township assessor gathers about 15 pieces of factual information about a property and then uses a state cost manual to arrive at an estimate of market value. The assessor may apply factors to a property based on recent property sales that have occurred in an area. The township assessor receives their authority from the state constitution and they may change any assessment by any amount each year between January 1st and April 15th.

The site also provides details about the guidelines followed to determine the value of a residential structure for tax purposes.

Source: Champaign County Assessment Office
Date Last Revisited: 2/4/07