Given the hue and cry over Walker's Bluff Winery's recent announcement they were closing the facility due to high property taxes, here a basic overview of property taxes in Illinois and how they are calculated. With some exceptions, property taxes are assessed at 33% of the fair market value and, if oounties assess the value above or below that amount, an equalization factor kicks in to adjust the value back to 33% . If you are not happy with property taxes, it is not all the fault of the country board.
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