According to the Illinois Department of Revenue, the definition of market value is the “most probable sale price of a property in terms of money in a competitive and open market, assuming that the buyer and seller are acting prudently and knowledgeably, allowing sufficient time for the sale, and assuming that the transaction is not affected by undue pressures”.

The Illinois Property Tax Code states that property should be assessed at 33.33% of its fair cash value. All properties are valued as of January 1st of the tax year.

When determining the accuracy of value, the township assessor is required by law to consider sales over a three-year period prior to January 1st of the assessment year. A general reassessment is required every four years by law at which time all parcels are required to be reviewed and corrected as necessary. However, all areas of the township and sales are continually being monitored and studied. The job of the Assessor is to keep a current record of property characteristics and sales data to ensure that all properties are accurately valued, allowing for a fair distribution of the property tax burden. Building permits, neighborhood reviews, and property transfer declarations (PTAX) are the primary sources of property information.

The assessor’s office does not usually consider the following items when determining fair cash values. This is because the value contribution is negligible compared to the rest of the property’s functional utility, the items are personal property or the items are not considered real property.

· Driveways, sidewalks and driveway ribbons

· Landscaping including foliage and related retaining walls, etc.

· Privacy fences

· Garden sheds

· Above-ground hot tubs

· Above-ground pools

The following items are some of the features used to arrive at a determination of fair cash value.

· Square footage of the livable area of the property’s improvements

· Square footage of the garage(s)

· Size and type of basement or foundation (slab, crawl, partial, full, or walk-out)

· Central heating and air conditioning

· Plumbing fixtures (the number of bathroom fixtures and extra sinks)

· Open and enclosed porches

· Fireplaces

· In-ground pools

Local property taxes pay for such items as village, city and county services, schools, libraries, park districts, roads, fire and police protection. Equitable assessments ensure a fair distribution of the property tax burden among all property owners in the township who are allowed these services.

The Assessor’s value does not solely determine the total amount of taxes collected but is only one variable in the calculation of your tax bill. The amount of taxes you pay is calculated by applying a tax rate to your property’s assessed value, less any applicable exemptions. The tax rate is formulated based on how much the governmental bodies levy for their budget that particular year. Enclosed is a document to refer to the Property Tax Assessment and Billing Cycle graphic to understand each department’s role in the cycle.

If you have any questions or discrepancies about the value or characteristics of your property, we encourage you to please call or email to discuss your concerns. I will be glad to

answer your questions or assist you in further understanding the assessment process. If you are not satisfied with our resolution, we will explain your option to appeal your value to the McHenry County Board of Review. You can access our Forms and Resources page on our website for links to McHenry County forms and further information on the appeal process.