Instructions for Residential and Condominium Schedules

              Illinois Department of Revenue
Brian Hamer, Director
Publication 123 March 2006
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.
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 Department
shall confer with, advise and assist local assessment officers relative to the perfor-mance
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 judgement still greatly affects the outcome of this system.
Contents
Acronyms used in Pub-123 1
Residential instructions 2
REL Table 6
Schedules 7
Sample appraisals:
Two-story 13
Multi-level 15
Tri-level 17
PRC-2 instructions 19
Condominiums
Schedule instructions 20
REL Table 21
Schedules 22
Sample appraisals:
Cost approach 23
Sales comparison, or market
approach 26
Income approach 28
For information or forms 28
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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