Illinois Property Tax Code: Omitted Property Procedures
Explanation of how omitted properties are discovered, assessed, and added to the tax rolls under Sections 9-260, 9-265, and 9-270.
The Illinois Property Tax Code outlines the procedures for handling omitted property under Sections 9-260, 9-265, and 9-270.
Omitted Property Definition and Responsibilities: Omitted property refers to any property not listed on the tax rolls due to errors such as oversight or failure to update records. The responsibility for discovering and assessing omitted property lies with the county assessor and the Board of Review. When property is discovered to have been omitted, it must be assessed and added to the tax books. The county clerk is responsible for charging the arrearages of taxes with 10% interest for each year or portion thereof from two years after the time the first correct tax bill ought to have been received.
Limitations on Assessments: A charge for tax and interest for previous years cannot be made against any property for years prior to the current owner's date of ownership if the liability for the omitted tax was first ascertained after their acquisition of the property. Ownership in this context refers to bona fide legal and equitable titles or interests acquired for value and without notice of the tax.
Notification Requirements: Owners of property assessed under this section must be notified by the county assessor, Board of Review, or Department, as required. Additionally, if there are changes in the use, leasehold estate, or titleholder of record for a property listed as exempt, the transferee must notify the chief county assessment officer within 90 days to avoid the property being considered omitted.
Role of the Board of Review: The Board of Review has the authority to assess all omitted property as per the Property Tax Code. Once an assessment of omitted property is made by the Board of Review, it is not subject to review by any succeeding board. This ensures that the assessment is final and enforceable.
These sections provide a comprehensive framework for ensuring that omitted properties are properly assessed and added to the tax rolls. As discussed, we have to add our process and double check that it does not become too burdensome in our workflow