Illinois Statutes Chapter 35. Revenue § 200/9-145. Statutory level of assessment

(a) Each tract or lot of property shall be valued at 33 1/3 % of its fair cash value.

(b) Each taxable leasehold estate shall be valued at 33 1/3 % of its fair cash value.

(c) Each building or structure which is located on the right of way of any canal, railroad or other company leased or granted to another company or person for a term of years, shall be valued at 33 1/3 % of its fair cash value.

(d) Any property on which there is a coal or other mine, or stone or other quarry, shall be valued at 33 1/3 % of its fair cash value. Oil, gas and other minerals, except coal, shall have value and be assessed separately at 33 1/3 % of the fair cash value of such oil, gas and other minerals. Coal shall be assessed separately at 33 1/3 % of the coal reserve economic value, as provided in Sections 10-170 through 10-200.

(e) In the assessment of property encumbered by public easement, any depreciation occasioned by such easement shall be deducted in the valuation of such property. Any property dedicated as a nature preserve or as a nature preserve buffer under the Illinois Natural Areas Preservation Act,  1 for the purposes of this paragraph, is encumbered by a public easement and shall be depreciated for assessment purposes to a level at which its valuation shall be $1 per acre or portion thereof.