Property Tax Alert: Illinois

June 2006

The Illinois Department of Revenue has issued, in separate publications, a construction terminology guide and instructions for commercial schedules for use in property tax assessments. The terminology guide is not a complete listing for all building terms, and the definitions and abbreviations included reflect local usage as applied to building construction. It also contains listings of land abbreviations and symbol explanations. The pricing schedules in the instruction publication have been developed to help assessors estimate the replacement cost of typical commercial structures, as well as apartments, motels and hotels, fast-food restaurants, convenience stores, gasoline service stations, and banks. It is cautioned that the assessor's professional judgment still greatly affects the outcome of the system.

Please contact Rash & Associates for more information.