At what rate is my property assessed?
Where do my property taxes go?
How do I know if the Assessor has placed a fair value on my property?
What can I do if I think my assessment is unfair?
Will I be notified if my assessment is going to be increased?
When I get my tax bill is it too late to complain?
How is farmland assessed?
Will my taxes increase if I install a pool?
What will happen if I don't pay my property taxes?
Madison County assesses all non-farmland real estate at 33.33% (or 1/3) of its market value.
Click here to see the breakdown of Madison County taxes.
For tax purposes, the legal assessment level of non-agricultural property in any county except Cook is 33 1/3 percent of its market value. To determine whether your assessment is fair, you must have three items of information. First, you must know the market value of your property. This is defined as the most probable sale price of a property 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. Second, you need to know the assessed value of your property. Third, you need to know the average percentage of the market value at which similar properties in your area are assessed. With this information you will be able to determine the percentage of full value at which your property is assessed should be similar to the percentage of other properties in your county. Farmland and farm related buildings are assessed in a special way.
There are eight steps to appealing your assessment. Click here for more information.
Yes. Any changes in real estate assessments must be published in a newspaper of general circulation in the county every year. Every four years, when all property is reassessed, a complete list of assessments will be published. In addition, taxpayers generally receive a notice of any change in their assessment from the prior year.
Generally, yes, it is too late unless you have already taken your complaint to the County Board of Review. In Madison County the deadline is September 10th. If assessment books are late in being submitted to a Board of Review, taxpayers may file complaints within thirty days after the official publication made by the Supervisor of Assessments listing changes of assessment. Taxpayers dissatisfied with the Board of Review's decision may file an appeal with the State Property Tax Appeal Board within thirty days after written notice of the Board of Review's decision. These deadlines are very important for taxpayers who want their assessments reviewed.
The preferential farmland assessment applies to tracts of farm property that have met the definition of a farm for the previous two years. To be a farm, a tract's sole use must be farm as defined under 35 ILCS (Illinois Complied Statutes) 200/1-60 (formerly Chapter 120, par. 482). The law does not apply to parcels that are primarily used for residential purposes. Farmland in Illinois is assessed for property tax purposes on the basis of its agricultural economic value. This value, commonly referred to as use-value, is based upon land use under average level management, relative productivity of soils, and the present worth of the net income accruing to the land from farm production. Farm buildings are assessed at one-third of their contributory value to the farm and are not subject to state equalization factors. Farm home sites and dwellings are to be assessed like non- farmland at 33 1/3 percent of market value and are subject to state equalization factors.
If you install an above-ground pool, your property taxes will not increase. If you install an in-ground pool, your property taxes will increase.
If you do not pay your property taxes by the due date, you will by assessed penalties of 1.5% per month for each month you do not pay. If you do not pay your property taxes by the last day to pay as indicated on your tax bill, your taxes (not your property) will be offered for sale at the tax sale on the Monday after the last day to pay. You will then be assessed additional fees of $95 plus up to 18% interest of your unpaid balance. In most cases, you have two years to redeem your taxes before the tax buyer can pursue taking deed to your property. This period may be extended by filing for an extension with the County Clerk's Office. Please contact the County Clerk's Office at (618) 692-6290 for specific rules on the period to redeem your taxes and how to file for extension.