In Illinois, Farm Land is assessed at 1/3 of agricultural economic value. Please refer to the Farm Assessment file for more information on Farm Land. All other assessments are derived from determining fair cash “market value” for ALL real estate (personal property abolished). Illinois currently uses 1/3 of market value to determine assessed value. (i.e. a market value of $120,000 x .3333 (or /3) = $40,000 assessed value.)
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