Understanding Illinois property tax calculations is complex and confusing. Properties such as personal residences are taxed based on fair market value.

The state of Illinois assesses farmland based on the agricultural use value rather than the farm market value. Based on farm income generation, this system prevents wide fluctuations yearly and is intended to better serve the farm taxpayers and entities that rely on local property taxes.

The farm income for calculating tax bills is based on a five-year average, which keeps the system more stable. High profits in the earlier part of this decade would have triggered higher tax rates if the tax bills were adjusted immediately. Conversely, lower farm profits will be reflected more slowly in tax bills.

Government agencies and schools in low-p

See Full Page