Course Descriptions

Preferential Assessments
002-312 Exam | 002-311 Seminar

The purpose of this course is to provide a comprehensive look at Illinois preferential assessments from the initial constitutional authority to value property to the current application of each preferential assessment. The Illinois Constitution provides that “taxes upon real property shall be levied uniformly by valuation ascertained as the General Assembly shall provide by law.” Ill. Const. 1970, Art. 9, Sec 2(a). Typically, this means valuations based on Fair Cash Value, which is defined as “The amount for which a property can be sold in the due course of business and trade, not under duress, between a willing buyer and a willing seller.” 35 ILCS 200/1-50. However, the General Assembly has provided special valuation procedures for particular property types. In Preferential Assessments, the student will learn about the types of properties that the General Assembly has provided special valuation procedures, as well as the procedures themselves.

Hours: 15 CE Hours
Category: Theory

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