Definitions for Tax Purposes
AD VALOREM – according to value
APPRAISAL – opinion of value, supported by evidence
ARM’S LENGTH SALE – A sale between two parties, neither of whom is related to or under abnormal pressure from the other.
ASSESSOR – The office of the Assessor is the only elected position that has statutory, pre-election requirements. In larger jurisdictions, such as Godfrey, candidates must obtain the Certified Illinois Assessing Officer designation from the Illinois Property Assessment Institute.
ASSESSMENT – Official act of discovering, listing, appraising, and entering a value for property on the assessment rolls for ad valorem tax. State law requires property in Illinois to be assessed at one-third of its market value.
ASSESSMENT LEVEL – Percentage of full value at which property is being assessed. This may refer to the statutory level (33 1/3%).
BOARD OF REVIEW – An appeal agency in each county that consists of three members.
CIRCUIT BREAKER - A property tax relief program first initiated in 1972 by the Senior Citizens Disabled Persons Property Tax Relief and Pharmaceutical Assistance Act. This program is thru the state of Illinois and if you are interested please contact Senior Services Plus Inc at 2603 N Rodgers in Alton #618-465-3298.
EQUALIZATION – The application of a uniform % increase or decrease to assessed values of various areas or classes of property to bring assessment levels, on the average to a uniform level of market value.
LEVY – The amount of money a taxing body certifies to be raised from the property tax to meet its operating expenses.
MARKET VALUE (FULL VALUE) – The most probable sale price of a property in terms money in a competitive and open market, assuming that the buyer and the seller are acting prudently and knowledgeably, allowing sufficient time for the sale, and assuming that the transaction is not affected by undue pressures.
MUTIPLIER – The property assessment equalization factor, often called the “multiplier” is the method used to achieve uniform property assessments among counties, as required by law. Multipliers are enacted by the state to adjust for actual property sales from the time of the most recent assessment. Once real estate transactions are completed, a notice of the sale is sent to the Illinois Department of Revenue. These sale prices are fed into a computer, which compares actual sales prices with existing assessments. The computer calculates what the multiplier should be, based on actual sales.
PRIVILEDGE TAX – A statutorily assigned rate of taxation for mobile homes applied to the square footage of the mobile home.
QUADRENNIAL (GENERAL ASSESSMENT YEAR) – The statutory requirement for Assessors to reassess and view all property at least once every four years-commonly referred to as the Quadrennial Reassessment.
TAX BILLS – Tax bills are determined by local taxing bodies when they request money each year to provide services to local citizens. If the amount requested by local taxing districts is not greater than the amount received in the previous year, then total property taxes will not increase, even if assessments may have increased.
TOWNSHIP ASSESSOR ADDITIONAL LINKS