How are property taxes assessed in Illinois?

In Illinois, property taxes are primarily assessed based on the property's assessed value, which is determined by local assessors. Local assessors are responsible for evaluating properties within their jurisdiction and establishing an assessed value that reflects a percentage of the property's market value. This process involves analyzing various factors, including recent sales data, property characteristics, and neighborhood trends.

Once the assessed value is calculated, it is then used to determine the amount of property tax owed, as local taxing authorities apply the tax rate to this assessed value. Local assessors periodically reassess properties to account for changes in the market and ensure that property values are accurately reflected in tax assessments.

The other options do not align with the property tax assessment process in Illinois. For example, while market value plays a role in the assessment, it is not the state that determines value directly for tax purposes—it relies on local assessors. Income generated by the property is not considered in the standard assessment of property taxes, nor is square footage a direct factor in the assessment; instead, it is the overall value and characteristics that matter. Thus, the correct understanding of how property taxes are assessed in Illinois focuses on the role of local assessors in determining the assessed property value.