The Assessor is responsible for assessing property at one-third of market value or fair cash value with the exception of farmland, railroad or coal properties which are properties valued by the State of Illinois Department of Revenue. Fair Market Value is determined by reviewing all sales in your neighborhood from the prior 3 years a.  If my assessments are too low, the county will apply an equalization factor to all properties to increase the assessments so that they represent one-third of the fair market value. The equalized assessed value is then used to apportion the tax burden over all property owners.  All local governments, townships, schools, fire districts, forest preserve districts, park districts, libraries, etc., receive their income from taxes levied against property values as determined by the Assessor.  The Assessor does not levy, collect, or distribute tax revenues.