Illinois tax assessments for 2024 will be published shortly, which means it’s time to review your property tax assessment if you own commercial property in Illinois, particularly around the Quad Cities Area (QCA). Illinois properties are assessed at 33.33% of the assessor’s estimate of the market value of your property as of January 1st of the assessment year. For 2025 tax payments, this means the value as of January 1st, 2024. No consideration is given to external factors that change the property value after this date.
The Illinois Department of Revenue provides guidelines for property tax appeals’, and it’s important to understand the process and any deadlines. If you think your property is over-assessed, you have the right to appeal, and it’s best to start early. Typically, an increase in the assessed value will be published in a local newspaper. In some cases, you’ll receive an individual notice in the mail.
Considering a Tax Appeal?
If you’re considering an appeal, the process starts at the local level. Your local County Assessor’s site will often list the specific steps for an appeal. The general process typically follows these steps:
- Obtain the assessed valuation of your property.
- Determine the fair market value of your property, ideally through recent comparable sales or a professional appraisal.
- Discuss the assessment with your township or multi-township assessor. If they still have the assessment books for that year, they may be able to correct any errors without a formal appeal.
- Determine the basis for your formal appeal, such as a higher market value assessment or incorrect property data.
- File a written appeal with your County Board of Review using the appropriate form (typically PTAX-230 for Non-Farm Assessment Complaints).
- For Rock Island County, check their Board of Review for deadlines and appeal procedures.
- Present evidence of unfair assessment to the Board of Review at a hearing. This may include property record cards, comparable sales data, photographs, and appraisal documentation.
- If dissatisfied with the Board of Review’s decision, you can appeal in writing to the Illinois Property Tax Appeal Board (PTAB) or file a tax objection complaint with the circuit court.
For more detailed guidance on how to handle property tax appeals, you might also find our previous post about the Rock Island County Property Tax Appeals helpful. It covers a detailed step-by-step approach.
Act Now: Don’t Wait to Review Your Assessment
If you suspect your commercial property assessment is inaccurate, start gathering your documentation now. Each county has its own appeal deadlines, and missing these critical dates can result in paying higher taxes than necessary. For any questions, assistance with an appraisal, or guidance through the appeal process, please Contact Us at (563) 355-6606 or email info@royrfisher.com. For more information on our property tax appeal services, visit our Commercial Real Estate Services page, and let us help you ensure your property is fairly assessed for the 2025 tax year.
