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Resources on Illinois Farmland Assessment Law
Last updated on May 15, 2017
The Farmland Assessment Law in Illinois is critical to the solvency of Illinois' number one industry... agriculture. Without it, farmland would be taxed the same as residential property at 1/3 fair market value.
In the 2013 spring legislation session, the Illinois Department of Revenue (IDOR) introduced legislation that made a fundamental change to the way farmland assessed values are calculated.
The change would shift the annual cap of 10% from a parcel's individual soil productivity index (PI) to the median cropped soil for the entire state. The median cropped soil has a PI of 111. The impact of this change would allow the Certified Values of all the soils to increase or decrease by 10% of PI 111's Certified Value.
The change took affect for the 2015 tax year, payable in 2016; and will continue to impact farmland assessments for many years to come.
We have put together articles and resources to help you better understand the changes to the law, as well as how to figure your farmland property taxes.
FARMLAND ASSESSMENT RESOURCES
We've put this brochure together to help answer common questions on the change in the law
This resource summarizes the basics of Farmland Assessment Law and gives examples of how to use a property tax record to calculate your property taxes.
These are questions we most often receive on Farmland Assessment.
Use this resource to identify which soil types you have on your parcel.
Use this resource to identify the productivity index of each soil type on your parcel.
The Illinois Department of Revenue releases this document every year. County Assessors use the certified values of each productivity index to calculate your property tax.