Determining Assessed Value
The purpose of assessed value is to proportion the tax burden over all taxable property in a fair and equitable manner. The assessed value of a parcel of property is set at 1/3 of its market value. Every year our office determines the market value of each taxable parcel of property in the township. Characteristics of your property (size of lot, type of home, number of bathrooms, garage, swimming pool, etc.) and characteristics of the neighborhood are taken into consideration when determining market value.
In general, we use three approaches to determine market value:
- Cost Approach: Determines how much money it would take at current material and labor costs to replace a property with a similar one.
- Income Approach: The value of the property is determined by its income stream or its net operating income.
- Sales approach: Compares a property to similar properties that have sold recently.
Property Record Card
Once the value of a parcel of property is determined, all the information used to calculate its assessed value is placed on the Property Record Card. These records are available for your inspection in person at our office or online by visiting tax.lakecountyil.gov.
Notice of Assessed Value
The Chief County Assessment Office mails a 'Notice of Assessed Value" to each property owner. Called the "Blue Card," the notice includes:
- The property's location and permanent index number.
- Last year's and this year's assessed value.
- An explanation of how assessed value is determined.
- Information about how to check for accuracy.
- Information about how to appeal the assessment.
For more information about the Assessment Notices and the Appeals process Click Here.