In accordance with: "Section 10-110 of the Property Tax Code (35 ILCS 200/10-110)"
The equalized assessed value of a farm, as defined in Section 1-60 and if used as a farm for the 2 preceding years, except tracts subject to assessment under Section 10-145, shall be determined as described in Sections 10-115 through 10-140.
In accordance with: "Section 10-125 of the Property Tax Code (35 ILCS 200/10-125)"
ASSESSMENT LEVEL BY TYPE OF FARMLAND:
Cropland, permanent pasture and other farmland shall be defined according to the U.S. Census Bureau definitions in use during that assessment year and assessed in the following way:
(a) Cropland shall be assessed in accordance with the equalized assessed value of its soil productivity index as certified by the Department and shall be debased to take into account factors including, but not limited to, slope, drainage, ponding, and field size and shape.
(b) Permanent pasture shall be assessed at 1/3 of its debased productivity index equalized assessed value as cropland.
(c) Other farmland shall be assessed at 1/6 of its debased productivity index equalized assessed value as cropland.
(d) Wasteland shall be assessed on its contributory value to the farmland parcel.