Your resource on the impact of
Illinois Farmland Assessment Law in
Wayne County, IL
Last updated April 9, 2015
The Farmland Assessment Law in Illinois is critical to the solvency of Illinois' number one industry... agriculture.
In 2013, the Illinois Department of Revenue (IDOR) introduced legislation that made a fundamental change to the way farmland's assessed values are determined.
IDOR's plan shifted the annual 10% maximum change in the assessment on an individual soil productivity index (PI) to the % change in the median cropped soil found in Illinois. The median cropped soil in Illinois has a PI of 111. As a result of this change, calculated values on lower PI soils will increase at a faster rate, while higher PI soils will increase at a slower rate.
The primary reason for the change was to correct an ongoing disparity in the assessed value from the lowest PI soil to the highest PI soil. The 10% limitation on changes in assessment value from year to year was artificially keeping the assessment on lower PI soils from rising as fast as they should under the farmland assessment formula.
The change in will take affect for the 2015 tax year, payable in 2016.
We have put together articles and resources to help you better understand the law, as well as how to calculate your farmland property taxes.
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2015 Farmland Assessment Brochure - Updated April 2015
This resource summarizes the basics of FAL, and gives an example of how to use a property tax record to calculate your property taxes.
These are the questions we most often receive on Farmland Assessment.
Use this resource to identify which soil types you have 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.
This table details the tax levy, tax rate, maximum tax rate, and tax extension by individual fund for each taxing district within the county. The “Levy” is the amount of money to be raised from property taxes to support the operating needs of the taxing district during the year. The “Rate” is the amount of tax due stated in terms of percentage of the tax base. The tax rate percentage is derived by dividing the levy for a fund by the equalized assessed value (EAV) for the taxing district. Some funds have a statutory maximum rate that cannot be exceeded. The “Fund Extension” is the amount of taxes billed for each taxing district. The county clerk extends taxes by multiplying EAV by tax rate for each fund. The sum of the fund levies, rates, and extensions are listed following each taxing district.
This table provides the assessed value for each of the taxing districts in Wayne County. It breaks the assessed values down by residential, farm, commercial, industrial, railroad, and mineral. The table also provides the total taxes levied in each of those districts.
Use this resource to identify the productivity index of each soil type on your parcel.