This is something that bothers me every time I look on this site. So, let me give an example.
This property on Zillow:
It’s up for sale for $175,000
So now, go to the county assessor’s site (I got here through the GIS viewer for Will county Illinois, clicking on the parcel, and then clicking “treasurer tax info” in the sidebar on the left):
As you can see the assessed value of the property is $36,602.
A simple google search shows that property in will county IL is assessed at 1/3 of the market value. This would place the market value at $109,806. Why the discrepancy?
Also, if you go onto smartasset.com and use their property tax calculator, it says that the average county tax rate of Will county Illinois is 2.640 percent, but on the tax assessor’s site it says 12%. Why doesn’t this add up either? I’d understand if it were 2.640% multiplied by 3 (33% assessed value times three), but that would be 7.92%, not 12%).