How to Use Sale Comparables

Definition of a Valid Sale

Only valid sales are used because it is the requirement under the IL Property Tax Code. It is the Illinois Department of Revenue who sets the parameters by which sales are judged as valid. A sale is considered valid when the transaction is an arm’s length transaction. This information is gathered from the Real Estate Transfer Declaration (PTAX Form 203 or a.k.a. the Green Sheet.)

An Arms Length Transaction is defined as:
• Conveyance is via a Warranty Deed or Trustee's Deed
• All parties must be knowledgeable of the market
• All parties must be able to make informed decisions without undue influence
• The property must be exposed to the open market
• The principal buyer and seller are unrelated individuals or corporations
• The transaction cannot involve a financial or governmental agency as a principal buyer or seller

Definition of a Invalid Sale

Invalid sales must be excluded from sale studies as required under the IL Property Tax Code. It is the Illinois Department of Revenue who sets the guidelines by which sales are judged as invalid. Invalid sales are transactions that meet one or many of the following criteria. The below guidelines are some of the most common reasons for exclusion. This information is gathered from the Real Estate Transfer Declaration (PTAX Form 203 or a.k.a. the Green Sheet.)

• The transaction involves a financial or government agency
• Multiple parcels are sold in the same transaction
• One parcel is being divided into multiple parcels
• Parties are related individuals or corporations
• The sale is mandated by the court (foreclosure, divorce decree, interstate, etc.)
• Only a portion of the parcel or partial interest is transferred
• Parcels are traded
• A deed other than a Warranty Deed or Trustee's Deed is used to convey the parcel(s)
• The property was not exposed to the open market

How to use comparables

Focus on comparables that are closest to yours geographically as well as in:

• Square Footage (both above the ground and below)
• Style (ranch, 2 story, cape cod, split-level, colonial etc.)
• Amount of finished space (both above the ground and below, including attic space)
• Features (decks, patios, porches, bays, heating type, A/C, baths, fireplaces, etc.)
• Condition
• Type of construction (brick, frame, vinyl, stucco, etc.)
• Price per square foot

How to find comparables not listed on this site

Not all comparables are listed on our site. If a green sheet or transfer declaration was not recorded, our office will not have the sale listed. Below are other resources that may be helpful.

• Hire an Illinois Licensed Appraiser
• Contact a Realtor or a real estate firm
• Contact your local Association of Realtors
• Conduct your own independent research separate from this site
• Seek the advice of someone who has already successfully appealed their assessment