The Assessor's Office assesses property values throughout the township.

The office of the Assessor is the only elected position that has statutory, pre-election requirements. In Monticello Township candidates must obtain the Certified Illinois Assessing Officer designation (CIAO) from the Illinois Property Assessment Institute to serve and must complete continuing education requirements before they can run for reelection.

The assessor's responsibilities include the mass appraisal of all taxable property within the township to establish its fair market value.

Mass appraisal requires the assessor to:
--Discover, list and value all new construction within the jurisdiction.
When appraising new construction, or improvements the assessor determines a full or partial
value depending upon the state of completion as of January 1st.
-- Ensure that existing property is valued at the appropriate statutory level of market value.
-- Assure that similar property is valued in a uniform manner.

After determining market value, the residential, commercial and industrial properties, farm homes, and farm home sites are assessed at 33.33% of that value. Farm buildings are assessed based on the structures’ contribution to the farm. Farmland is assessed according to the soil type’s ability to produce a crop. Soil type values are certified by the Department of Revenue to the County Supervisor of Assessments’ office on an annual basis.

The purpose of the assessment is to apportion the tax burden as created by taxing districts: schools, municipalities, libraries, forest preserve districts, counties and townships. Real estate taxes to support the various taxing bodies are based on these assessments and result from those taxing districts applying their tax rates to assessments. Governing boards elected in each district set the budgets for that taxing district.

Assessors do not set the tax rate, levy, collect or distribute tax revenues.

 

For more information on Illinois property tax and exemptions, see:
www.tax.Illinois.gov/LocalGovernment/Property

	General Homestead 35 ILCS 200/15-175	HOMESTEAD IMPROVEMENT 35 ILCS 200/15-180
APPLICATION REQUIRED?	No	No
FILING DEADLINE?	N/A	N/A
MINIMUM AGE?	None	None
RESIDENCY REQUIREMENTS?	Owner Occupied During the Year	Owner Occupied on January 1st
HOUSEHOLD INCOME LIMIT?  (includes all household members)	None	None
RENEWAL APPLICATION?	N/A	N/A
EXEMPTION AMOUNT?	Up To $5, 000 IN 2007 $5,500 IN 2008 $6,000 IN 2009 to Present of assessed value	Up to $25,000 of the assessed value increase added by the improvement -------------------------------------------- Exemption granted for 4 years only

 

	DISABLED VETERANS' 35 ILCS 200/15-165	RETURNING VETERANS' 35 ILCS 200/15-167	DISABLED VETERANS' STANDARD HOMESTEAD 35 ILCS 200/15-169
APPLICATION REQUIRED?	Yes	Yes	Yes
FILING DEADLINE?	December 31	December 31	December 31
MINIMUM AGE?	None	None	None
RESIDENCY REQUIREMENTS?	Owner occupied on January 1st of filing year by disabled veteran or surviving unmarried spouse	Owner occupied on January 1st by veteran returned from an armed conflict involving U.S. armed forces	Owner occupied on January 1st of filing year by disabled veteran or veteran's spouse or surviving unmarried spouse
HOUSEHOLD INCOME LIMIT?  (includes all household members)	None	None	None
RENEWAL APPLICATION?	Must be filed yearly	None	Must be filed yearly
EXEMPTION AMOUNT?	Up to &$70,000 of assessed value -------------------- Not eligible if claiming exemption under section 15-168 or 15-169	A single year reduction of $5,000 of assessed value the year a veteran returns from active duty may apply again in subsequent year if returning from active duty	If disability is 70% to 100% - No Tax 50% to 69% - $5,000 30% to 49% - $2,500 of assessed value up to $250,000  assessed value ----------------------- Not eligible if claiming exemption under sections 15-165 or 15-168

 

	Disabled Persons' Homestead 35 ILCS 200/15-168
APPLICATION REQUIRED?	Yes
FILING DEADLINE?	December 31
MINIMUM AGE?	None
RESIDENCY REQUIREMENTS?	Owner Occupied on January 1st by disabled person. If disabled person moves into a nursing home spouse may still be eligible.
HOUSEHOLD INCOME LIMIT?  (includes all household members)	None
RENEWAL APPLICATION?	Must be filed yearly
EXEMPTION AMOUNT?	$2,000 of assessed value ------------------------------------- Not eligible if claiming exemption under sections 15-165 or 15-168	---------------------------------------------------

 

	SENIOR HOMESTEAD 35 ILCS 200/15-170	ASSESSMENT FREEZE 35 ILCS 200/15-172		TAX DEFERRAL 320 ILCS 30/1 to 8
APPLICATION REQUIRED?	Yes	Yes		Yes
FILING DEADLINE?	December 31	December 31		March 1
MINIMUM AGE?	65 or older during assessment year	65 or older during assessment year		65 or older by June 1 of assessment year
RESIDENCY REQUIREMENTS?	Owner occupied by senior citizen during the year -------------------- Also eligible if unoccupied after senior moved into a nursing home	Owner occupied on January 1st of filing year and January 1st of prior year		Owner occupied by senior citizen for three years in a Illinois home
HOUSEHOLD INCOME LIMIT?  (includes all household members)	None	$50,000 IN 2007 $55,000 2008 to 2016 $65,000 in 2017		$55,000
RENEWAL APPLICATION?	None	Must be filed yearly		Must be filed yearly
EXEMPTION AMOUNT?	In 2007 - $3,500 In 2008 - $4,000, 2009 to Present - $5000 of assessed value or pro-rated if move into a home during the year	Limited to the difference between current year assessed value and the assessed value of the base year (year prior to the first year eligible)		May defer up to 100% of tax bill amount each year ------------------ total accumulated deferral amount limited to 80% of home equity