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How is farmland assessed property tax?

Answer #319 -- ( Published 09/30/2005 10:43 AM | Updated 07/12/2017 10:40 AM )

How is farmland assessed property tax?

Farmland is assessed based on its ability to produce income (its agricultural economic value). A farm building is assessed at one-third of the value that it contributes to the farm’s productivity. Farm home sites and farm dwellings are assessed at one-third of their market value. For more information, see PTAX-1004, Illinois Property Tax System.

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