Residential Real Estate Assessment Appeal For Tax Year 2007 - Lake County Board Of Review Page 8
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8MARKET VALUE APPEALS
State law in Illinois holds that the equalized value of all property in Lake County shall be 33.33%
of market value as of January 1, 2007 (unless entitled to a statutorily defined preferential
assessment). Evidence must be presented to substantiate a contention of excessive market value.
In cases involving appraisals as evidence of value, three copies must be submitted to the Board of
Review and one copy to the Assessor. Appraisals must be forwarded to the Board of Review and
the Assessor within ten calendar days of the final filing date for appeals in that township. Please
call the Board office or refer to our website if you need your Assessor’s address information.
Appraisals should indicate market value as of January 1, 2007.
INCOME PROPERTY
The taxpayer should furnish copies of the most recent three-year income and expense statements
along with occupancy information. This information should be submitted at the time of filing.
VI.
FINDINGS
In most instances, the appellant will be notified at the end of the hearing of the Board’s decision and
the reason for that decision. There will be some instances where the Board will need to deliberate
further on a case, causing a decision to be rendered at a later date. After all hearings in a township
are completed, official findings for each case will be mailed to all appellants. No written decisions
will be released prior to this time.
VII.
APPLICATIONS FOR PROPERTY TAX EXEMPTION
Applications for Property Tax Exemption must be filed in duplicate on the form provided by the
Board of Review office no later than December 1, 2007. An additional parsonage form will be
supplied in appropriate cases.
In cases where the exemption requested would remove a value of $100,000 or more, it is the
responsibility of the owner, agent or attorney to notify the municipality, school districts and
community college district in which the property is situated. A form certifying that this notice has
been given is available at the Board of Review office, should you wish to utilize it. Applications
requiring certification will not be processed or set for hearing until such certification has been
received and made a part of the file.
A taxing body wishing to intervene in an exemption matter before the Board must file a Request to
Intervene with the Board of Review at least five days in advance of the scheduled hearing. This form
is available in the Board office and online at
The Board of Review decision is only a recommendation. Exemption decisions are reviewed and
finalized by the Illinois Department of Revenue. Decisions of the Illinois Department of Revenue
may be appealed directly to the Department of Revenue’s Administrative Law Judge.
These Rules as set forth may be amended at any time at the discretion of the Board. BY ORDER OF THE
BOARD OF REVIEW OF LAKE COUNTY, ILLINOIS/APPROVED AND ADOPTED JUNE 1, 2007.
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