Assessment Information

How Property Assessments Are Determined

All Illinois assessing officers are required to follow the Illinois Property Tax Code and the rules in the Illinois Administrative Code.

In Kane County, property assessments are administered according to state law to ensure fairness and equity consistently across all property types.

Every four years, Township Assessors perform a general assessment of all real property in their area. For each property the fair cash value as of January 1 of the assessment year is determined. Fair cash value reflects the price a property would likely sell for in an open market between a willing buyer and seller. To determine fair cash value, assessors analyze actual market sales and data from the prior three years to ensure the values are stable, representative, and not skewed by unusual transactions.

Once the fair cash value is established, it is multiplied by 33.33% to determine the property’s assessed value. The Illinois Department of Revenue monitors this process through sales ratio studies to ensure that assessments are fair and equitable between various counties that share taxing districts.

If assessments in a township or county do not meet the statutory level of uniformity, the county may apply an equalization factor. This factor adjusts assessed values across the affected area to bring them in line with the required assessment level, ensuring that all properties are taxed fairly and equitably relative to one another. Equalization helps correct disparities between townships.

The assessed value is used to calculate each property owner’s share of the total tax burden. Tax levies are set separately by local taxing bodies, such as school districts, municipalities, and the county.

Assessment Updates Between General Assessment Years

In the years between general assessments, Township Assessors can revise and correct assessments, equalize assessments, and maintain current and accurate property records by accounting for:

• New construction and property improvements:
• Newly taxable properties:
• Demolition or removal of structures:​
  
• Property damage due to fire, flood, or other causes.
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Preferential Assessments

The Illinois Property Tax Code provides that certain properties be assessed based on factors other than fair cash value. For example, farm land and farm buildings are assessed based on their agricultural economic value, which is their value as a farm. Other properties with preferential assessments include:

• Subdivision lots;
• Historic residences;
• Open space;
• Low-income housing;
• Veterans and fraternal posts
• Solar energy
• Railroads

Conditions apply to each of these preferential assessments. For more information, please contact your Township Assessor’s office or the Kane County Assessment Office.