Illinois Compiled Statutes 105 ILCS 5/11C-2 – Appraisal guide
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Terms Used In Illinois Compiled Statutes 105 ILCS 5/11C-2
- Appraisal: A determination of property value.
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
In making such appraisal land shall be appraised at its fair market value; other property shall be appraised at its reproduction or replacement cost less depreciation and an allowance for obsolescence, if any, but in no event shall any property be appraised at more than its value for school purposes in the district in which it lies after the change in boundaries or its resale value whichever is the higher.