 The first approach is to find properties that are comparable to the subject property and that have recently sold.

 Local conditions peculiar to the subject property are then considered.

 In order to adjust for local conditions, the Assessor also uses sales ratio studies to determine the general level of assessment in a community. 

 This method is generally referred to as the Market approach & is usually considered the most important in determining the value of residential property

The INCOME APROACH is the third method used if the property produces income. If the property is an income producing property, it could be valued according to its ability to produce income under prudent management; in other words, what another investor would give for a property in order to gain its income.

The income approach is the most complex of the three approaches because of the research, information and analysis necessary for an accurate estimate of value. This method requires thorough knowledge of local and national financial conditions, as well as any developmental trends in the area of the subject property being appraised since errors or inaccurate information can seriously affect the final estimate of value.

 Agricultural real property is assessed at 100% of productivity and net earning capacity value.

 The Assessor considers the productivity and net earning capacity of the property.

 Agricultural income as reflected by production, prices, expenses, and various local conditions is taken into account.

 January 1 - Effective date of current assessment, 

 April 16 through May 5 inclusive - Protest of assessment period for filing with the local Board of Review.
 May 1 through adjournment - Board of Review meets each year, 

 January 1 through December 31 - Period for filing for Homestead Credit and Military Exemption.

 October 16 through October 25 inclusive -

Protest period for filing with Board of Review on those properties affected by changes in value as a result of the Director of Revenue and Finance Equalization Orders (odd numbered years).

One time filing is provided, by statute, unless the property owner is: 

(1) filing for Military or Homestead Credit the first time;

(2) has purchased a new or used home and is occupying the property as a homestead as of July 1st; or

(3) owner was using as a homestead but did not previously file. 

If the home qualifies and the property owner files on or before July 1, the exemption will go into effect for the current assessment year. If the property owner files after July 1, the exemption will go into effect the year following the sign up. Filing is required on the following, if provisions have been made for exemptions as required: Key - Annual, Permanent. Other: Family Farm Credit, Forest Reservations, Fruit Tree Reservations - 8 years