Instructions for Residential and Condominium Schedules

              Illinois Department of Revenue
Brian Hamer, Director
Publication 123 January 2010
Instructions for Residential and Condominium Schedules
The information in this publication is current as of the date of the publication. Please visit our web site at tax.illinois. gov to verify you have the most current revision.
The contents of this publication are informational only and do not take the place of statutes, rules, or court
decisions. For many topics covered in this publication, we have provided a reference to the Illinois Property Tax Code for further clarification or more detail. All of the sections and parts referenced can be found at 35 ILCS
200/1 et seq.
Contents
Acronyms used in Pub-123
1
Residential instructions
2
REL Table
7
Schedules
8
Sample appraisals:
Two-story
14
Multi-level
16
Tri-level
18
PRC-2 instructions 20
Condominiums
Schedule instructions 21
REL Table 22
Schedules 23
Sample appraisals:
Cost approach 25
Sales comparison, or market approach 28
Income approach 30
For information or forms 30
About this publication
Pub-123, Instructions for Residential and Condominium Schedules, is issued according to Section 8-5 of the Property Tax Code, which states ―The Depart- ment shall confer with, advise and assist local assessment officers relative to the performance of their duties‖.
The pricing schedules in this publication have been developed to help assessors estimate the replacement cost of residential and condominium structures. The assessor‘s professional judgment still greatly affects the outcome of this system.
Acronyms used in this publication
EFP Enclosed frame porch EMP Enclosed masonry porch GRM Gross rent multiplier
OFP Open frame porch
OMP Open masonry porch RCN Replacement cost new REL Remaining economic life SF Square foot
SFFA Square foot of floor area SFGA Square foot ground area SFSA Square foot surface area
Note: For definitions of common construction terms, see Publication 124, Glossary and Abbreviation of Construction Terms.
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