Land Use & Zoning
An Illinois property owner who believes the county assessor has overvalued their property for tax purposes should first:
ARefuse to pay property taxes until the assessment is corrected
BFile an appeal with the local Board of Review within the statutory deadline✓ Correct
CSue the county assessor in circuit court
DContact the IDFPR to request a review
Explanation
In Illinois, property owners who believe their assessment is too high should file an appeal with the local Board of Review (or Board of Appeals in Cook County) within the statutory deadline (typically 30 days after the assessment notice). The Board of Review hears evidence and may reduce the assessment.
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Key Terms to Know
Net Operating Income (NOI)
The annual income generated by an income-producing property after subtracting operating expenses, but before debt service.
Right of First RefusalA contractual right giving a party the opportunity to match any offer received before the owner can accept it from a third party.
Joint TenancyCo-ownership where two or more people hold equal, undivided interests with the right of survivorship — when one owner dies, their share passes to the surviving owners.
ProrationThe division of ongoing property expenses (taxes, HOA dues, rents) between buyer and seller at closing based on their respective days of ownership.
Math Concepts
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