The Enigma of the Illinois Property Tax: Part 1 – Illuminating the Mysterious Jargon

Illinois property taxes can be confusing and often feel overwhelming, but understanding the terminology on your assessment and tax bill is the first step toward fairer treatment. Key concepts include Fair Market Value, Non-Farm Assessment, Township Multipliers, Equalized Assessed Value, and exemptions such as the General Homestead Exemption, all of which affect how your property is taxed. By familiarizing yourself with these terms and the roles of assessors, treasurers, and taxing districts, property owners can better strategize and challenge valuations to ensure taxes reflect the true value of their property.