Accessibility Improvement is a definition adopted by reference from the Illinois Administrative Code. The definition includes changes that modify the customer's home to accommodate the customer's loss of function in the completion of his/her Activities of Daily Living (ADLs).
Ad Valorem latin phrase meaning according to value
Agricultural Economic value the basis for assessment of farm acreage. The Illinois Department of Revenue calculates these values for each productivity index by dividing its net income over a five-year period by the average Federal Land Bank farmland mortgage interest rate for the same five-year period. Permanent pasture is assessed at one-third of what would be assigned if it was cropland. Other farmland (e.g., forestland, grass waterways) is assessed at one-sixth of what would be assigned if it was cropland. Wasteland has no assessed value unless it contributes to the productivity of the farm.
Appraisal an opinion of value, supported by evidence.
Appurtenance a legal term denoting the attachment of something to a larger property. Appurtenance occurs when the attachment becomes part of the property such as a furnace or air conditioning unit.
Arm’s-length Sale a voluntary sale between two unrelated parties in the normal course of business.
Arrear paying taxes in arrears refers to paying for the previous year's tax liability during the current year. Many states, counties, fire districts, school districts and villages collect property taxes in arrears, assessing property during one year but not sending tax bills to residents until the following year.
Assessed Value the value placed on property for ad valorem tax purposes and used as a basis for distribution of the tax burden. This amount is subject to the state-issued equalization factor and deductions for certain homestead exemptions.
Assessment the official act of discovering, listing, appraising, and determining a value for property
Assessment Level the percentage of full value at which property is assessed. It may refer to the statutory assessment level or the actual assessment level as inferred from an assessment/sales ratio study. I.e. Cook County residential properties are assessed at 10% of their market value. Collar County residential properties are assessed at 33%.
Assessment/Sales Ratio Study an analysis of the percentage relationship of assessed value to the market value (assessment level).
Board of Review the local entity that reviews assessment appeals and equalizes assessments within the county (in all counties but Cook County). In most township counties, three people appointed by the county board comprise the board of review. In a few township counties, board of review members are elected. In commission counties, the county commissioners are also the board of review members (unless they appoint the board of review).
Chief County Assessment Officer (CCAO) the individual appointed by a county board, or elected in a county, to supervise township and multi-township assessors (who complete original assessments) and to review their work. In most counties the title of the Chief County Assessment Officer is “supervisor of assessments.” In Cook and St. Clair counties, it is “county assessor.” The supervisor of assessments has the power to revise and equalize assessments and is the clerk of the board of review. In commission counties, the chief county assessment officer makes the original assessment.
Classification the practice of classifying various types of property according to use and assigning different assessment levels to each class. Its purpose is to tax various types of property at different effective tax rates, though the nominal rate is the same.
Common Area the total area within a property that is not designated for sale or rental but is available for common use by all owners, tenants or their invitees, e.g ., parking and its appurtenances, malls, sidewalks, landscaped areas, recreation areas, public toilets, truck and service facilities etc.
Condominium a multiunit structure, or a unit within such a structure, with a condominium form of ownership.
Condominium Ownership a form of fee ownership of separate units or portions of multiunit buildings that provides for formal filing and recording of a divided interest in real estate.
Conservation Easement real estate restricting future land use to preservation, conservation, wildlife habitat, or some combination of those uses. A conservation easement may permit farming, timber harvesting, or other uses of a rural nature as well as some types of conservation-oriented development to continue, subject to the easement.
Conservation Management Plan a plan approved by the Department of Natural Resources that specifies conservation and management practices, including uses that will be conducted to preserve and restore unimproved land.
Cooperative Apartment Unit an in a building owned by a corporation or trust in which each unit owner purchases stock representing the value of a single apartment unit and receives a proprietary lease as evidence of title.
County Assessor an individual elected to oversee the assessment process in Cook and St. Clair counties. In practice, a county assessor is responsible for making original assessments, rather than the township or multi-township assessors.
Developed Coal the acres of land for which a permit has been issued under the Surface Coal Mining Land Conservation and Reclamation Act containing coal that is anticipated to be mined during the lesser of 5 years following the current assessment date, the term of the permit, or the life of the mine, if initial extraction of coal from the land will occur in the year immediately following the assessment date. For purposes of this Section, "mining" or "initial extraction" means the first removal of coal from the coal seam.
Effective Tax Rate the ratio of taxes billed to the market value, generally expressed as a percentage.
Encumbrance a claim or liability that is attached to property or some other right and that may lessen its value, such as a lien or mortgage; any property right that is not an ownership interest.
Equalization the application of a uniform or blanket percentage increase or decrease to assessed values of various areas or classes of property to bring assessment levels, on average, to a uniform level of the market value.
Equalization Factor the factor that must be applied to local assessments to bring about the percentage increase or decrease that will result in an equalized assessed value equal to one-third of the market value of taxable property in a jurisdiction (other than farm acreage, farm buildings, and coal rights).
Equalized Assessed Value the assessed value multiplied by the state-certified equalization factor; the result is the value from which the tax rate is calculated after deducting homestead exemptions, if applicable. For farm acreage, farm buildings, and coal rights, the final assessed value is the equalized assessed value. Also, tax bills are calculated by multiplying the equalized assessed value by the tax rate.
Exemption the removal of the assessed value or a portion of the assessed value from the tax base. There are two types of exemptions: homestead and non-homestead exemptions.
Expressio unius est exclusio alterius a latin term meaning the expression of one thing is the exclusion of another.
Extension the process in which the county clerk determines the tax rate needed to raise the revenue (levy) certified by each taxing district in the county; 2) the actual dollar amount billed to property owners in a taxing district.
Farm a tract where one or more of the following uses is the principal use: The growing and harvesting of crops; The feeding, breeding and management of livestock.; Dairying or for any other agricultural or horticultural use or combination thereof; including, but not limited to, hay, grain, fruit, truck or vegetable crops, floriculture, mushroom growing, plant or tree nurseries, orchards, forestry, sod farming and greenhouses; Keeping, raising and feeding of livestock or poultry, including dairying, poultry, swine, sheep, beef cattle, ponies or horses, fur farming, bees, fish and wildlife farming.
Fraternal Organization an organization whose members provide, directly or indirectly, financial support for charitable works, which may include medical care, drug rehabilitation, or education, and is exempt from income taxes by the federal Internal Revenue Code.
General Year Assessment the general assessment year, occurring every four years (three years in Cook County), when property assessments are reviewed.
House a dwelling designed for occupancy by one person or household.
Improvement any permanent structure on real property. Examples: buildings, fences, landscaping, driveways, sewers, or drains.
Leasehold Interest the right held by the lessee to use and occupy real estate for a stated term under the conditions specified in the lease.
Levy the amount of money a taxing body certifies to be raised from the property tax.
Maintenance keeping a property in condition to perform its function efficiently; expenditures made for this purpose. Maintenance does not extend the useful life of the property or increase its book value.
Managed Land unimproved land of five contiguous acres or more that is subject to a conservation management plan.
Market Value (Fair Cash Value) the most probable sale price of a property in terms of money in a competitive and open market, assuming that the buyer and seller are acting prudently and knowledgeably, allowing sufficient time for the sale, and assuming that the transaction is not affected by undue pressures.
Model Home a house built as part of a land-development program to demonstrate style, construction, and possible furnishings of similar houses to be erected and sold.
Multi-township Assessor the person elected or appointed to make original assessments in a specified combination of political townships.
Nexus a connection or link, often a causal one.
Notice of Revision a notice mailed to a property owner after a property’s assessed valuation is changed by local assessing officials. It shows the previous assessment as well as the new assessment. It includes the median level of assessments in the assessment jurisdiction, as shown by an assessment/sales ratio study, for the most recent three years.
Open Space land excluded from development and set aside for green space, wildlife habitat, or recreational purposes, e.g., a public or private park.
Overlapping Taxing Districts those taxing districts located in more than one county.
Parcel a defined area of land, with or without improvements, entered as a separate item on the assessment rolls for the purpose of ad valorem taxation.
Perpetuity the state of continuing for all future time; the condition of existing forever.
Property Index Number (PIN) a description of a particular parcel by numerical reference to parcels on assessment maps.
Property Record Card the local assessor’s record of individual property appraisals used for assessment purposes. Recorded upon the card is a sketch of the improvement, details of construction, size, condition, description, and other information showing how the assessment was derived. It is a public record required by law.
Property Tax Appeal Board the state quasi-judicial body that hears appeals from property owners and taxing districts on property tax assessment decisions of county boards of review.
Repairs general upkeep to preserve a property's condition and efficiency; may include renewal of small parts of any property component; does not include replacement, i.e. the renewal of any substantial part of the property or a change in the form or material of the building.
Replacement Cost the estimated cost to construct, at current prices as of a specific date, a substitute for a building or other improvement, using modern materials and current standards, design, and layout.
Residential Property a vacant or improved parcel of land devoted to or available for use as a residence, e.g., single-family homes, apartments, rooming houses.
Small Business a business that employs fewer than 50 full-time employees.
Soil Productivity Index an index ranking the capability of soils for producing crops under average level management. The highest productivity index in the state is 130.
Solar Energy Systems under the Illinois property tax code, a "solar energy system" has a narrower definition that excludes those portions of the system that could be used for a "conventional" energy system. Does not include solar farms.
Subdivision a tract of land that has been divided into lots or blocks with streets, roadways, open areas, and other facilities appropriate to its development as residential, commercial, or industrial sites.
Supportive Living Facility a free-standing facility or a distinct physical and operational entity within a nursing facility, or a supportive living facility that integrates housing with health, personal care, and supportive services and is a designated setting that offers residents their own separate, private, and distinct living units.
Tax Code a number used by the county clerk that refers to a specific combination of taxing bodies.
Tax Rate the amount of tax due stated in terms of a percentage of the tax base. Example: $6.81 per $100 of equalized assessed valuation (equal to 6.81%).
Taxing Body/Taxing District a local governmental unit that levies a property tax; the territorial area under a taxing body’s jurisdiction.
Tornado Disaster an occurrence of widespread or severe damage or loss of property resulting from a tornado or combination of tornadoes that has been proclaimed as a natural disaster by the Governor or the President of the United States.
Townhouse a single-unit dwelling attached to a series of similar dwellings by common walls. Typically this design does not exceed three stories, and only the end units have side yards.
Township Assessor the person elected or appointed to make original assessments in a political township. Townships of fewer than 1,000 inhabitants must establish a multi-township assessment district by combining territory and elect or appoint a multi-township assessor for purposes of ad valorem taxation.
Transitional Percentage a property's 2006 equalized assessed value as farmland divided by the 2006 fair cash value of the property.
Unimproved Land woodlands, prairie, wetlands, or other vacant and undeveloped land that is not used for any residential or commercial purpose that materially disturbs the land.
Use Value the value of a property for a specific use or to a specific user, reflecting the extent to which the property contributes to the utility or profitability of the enterprise of which it is a part.
Wind Energy Device any device, with a nameplate capacity of at least 0.5 megawatts, which is used in the process of converting kinetic energy from the wind to generate electric power for commercial sale. Typically, these are referred to as windmills or wind turbines.
Wooded Acreage must have at least five contiguous acres; does not qualify for another preferential assessment under this Code; was owned by the taxpayer before October 2007; and can be defined as "woodlands" by the United States Department of the Interior's Bureau of Land Management.