When your property is damaged: disaster relief and reassessment
A destroyed or damaged building should not be assessed as though it still stands.
Assessments describe a property as of a date. If the building burned, flooded or was destroyed, the assessment should reflect that — but only if somebody tells the assessor.
Report it immediately
Do not wait for the notice. Contact the township assessor as soon as the damage occurs, with photographs and any insurance or fire department documentation. The sooner it is recorded, the cleaner the adjustment.
The natural disaster homestead exemption
Illinois provides an exemption for owner-occupied residences rebuilt after a natural disaster, holding the assessment at its pre-disaster level where the rebuilt home is not substantially larger. Conditions and time limits apply — ask the Supervisor of Assessments.
Partial-year damage
Rules on mid-year destruction vary. Ask specifically how your county prorates, and get the answer in writing.
Do not assume insurance told them
Insurers do not notify assessors. Neither, reliably, do permit offices. The owner is the only person certain to know, and the only one with a reason to act.