Special Valuations

Maintenance and Repairs of Residential Property-

Maintenance and repairs to property used exclusively for residential purposes should not increase the assessed value of the property.  The work may neither increase the square footage of the property nor materially alter its condition and character, but it may restore the property from a state of disrepair to a state of repair. The work must merely prolong the life of the property, and the materials used should not be a greater value than the materials being replaced.

Solar Heating and Cooling- When a solar energy system has been installed as an improvement on any real property, the owner may file a claim for an alternate assessment with the chief county assessment officer. The improvement is assessed as if heated or cooled by conventional means, and it is also assessed with the solar energy system. The alternate valuation is the lesser of the two means of assessment. The alternate valuation continues as long as the solar energy system is used. The owner must notify the chief county assessment officer within 30 days of ceasing to use the solar energy system to heat or cool the property. This tax benefit is also available for improvements that harness indirect solar energy, such as wind. (35 ILCS 200/10-5 and 10-10)

Property Under Forestry Management Plan- In counties of less than 3 million, land under a forestry management plan accepted by the Department of Natural Resources is assessed as “other farmland” at one-sixth of its productivity index equalized assessed value as cropland.

Platted and Subdivided Land- In counties with less than 3 million inhabitants, the improvement of certain platted and subdivided land with streets, sidewalks, curbs, gutters, and sewer, water, and utility lines does not increase the assessed value of the property.  The land must have been platted after January 1, 1978, and must have been vacant land in excess of 5 acres. The land is to be assessed each year according to the estimated price it would bring at a fair voluntary sale for use for the same purpose for which it as used before platting. This special valuation on a lot ends when a habitable structure is completed, the property is used for any business, commercial or residential purpose, or the lot is sold.  (35 ILCS 200/10-30)

Model Homes- When a dwelling, townhouse or condominium unit is constructed and used as a model or demonstration home, the equalized assessed value (EAV) of the property remains at the level prior to construction of the home. The lower EAV remains in effect until the home is sold or leased for use other than as a model home.  At that point, the EAV is changed to reflect the value of the improved property.  An entity can have no more than three qualifying model homes within a 3-mile radius.  Deadline for annual application is April 30 in counties of more than 3 million and December 31 in other counties. (35 ILCS 200/10-25)

Farmland Valuations- 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 Compiled Statutes) 200/1-60. 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 bass 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 homesites and dwellings are to be assessed like non-farmland at 33 1/3% of market value and are subject to state equalization factors.

Assessor Department Links Other Important Links

111 E. Washington Street | Morris, IL 60450 | Phone (815) 941-3269 | FAX (815) 941-2126 | www.grundyco.org