Illinois Compiled Statutes
35 ILCS 200/1-50 (2026)
Fair cash value
✓ current as of May 2026
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(35 ILCS 200/1-50)
Sec. 1-50.
Fair cash value.
The amount for which a property can be
sold in the due course of business and trade, not under duress, between a
willing buyer and a willing seller.
(Source: P.A. 88-455.)
Notes of Decisions
Cited in 7
cases (1 in the last 5 years), 2003–2021 · leading case: Edward Sims Jr. Trust v. Henry Cnty. Bd. of Review, 2020 IL App (3d) 190397 (Ill. App. Ct. 2020).
Edward Sims Jr. Trust v. Henry Cnty. Bd. of Review, 2020 IL App (3d) 190397 (Ill. App. Ct. 2020). “See 35 ILCS 200/1-50, 9-145 (West 2012); 86 Ill.”
Manteno Cmty. Unit Sch. Dist. No. 5 v. Illinois Prop. Tax Appeal Bd., 2020 IL App (3d) 180384 (Ill. App. Ct. 2020). “Typically, under section 1- 50 of the Property Tax Code (35 ILCS 200/1-50 (West 2012)), “[f]air cash value” for purposes of a tax assessment is defined as “[t]he amount for which a property can be sold in the due course of business and trade, not under duress, between a willing…”
Edward Sims Jr. Trust v. Henry Cnty. Bd. of Review, 2020 IL App (3d) 190397 (Ill. App. Ct. 2020). “See 35 ILCS 200/1-50, 9-145 (West 2012); 86 Ill.”
Manteno Cmty. Unit Sch. Dist. No. 5 v. Illinois Prop. Tax Appeal Bd., 2020 IL App (3d) 180384 (Ill. App. Ct. 2020). “Typically, under section 1-50 of the Property Tax Code, 35 ILCS 200/1-50 (West 2012), “[f]air cash value” for purposes of a tax assessment is defined as “[t]he amount for which a property can be sold in the due course of business and trade, not under duress, between a willing…”
Joliet Twp. High Sch. Dist. 204 v. Illinois Prop. Tax Appeal Bd. Joliet Twp. High Sch. Dist. 204, 2021 IL App (3d) 190477 (Ill. App. Ct. 2021). “35 ILCS 200/1-50 (West 2018). “Fair cash value is synonymous with fair market value and, as such, an arm's-length sales transaction is the best evidence thereof.”
Kankakee Cnty. Bd. of Review v. State of Illinois Prop. Tax Appeal Bd. (Ill. App. Ct. 2003). “35 ILCS 200/1-50 (West 2000). Further, "[f]air cash vale is synonymous with fair market value and is defined as the price a willing buyer would pay a willing seller for the subject property, there being no collusion and neither party being under any compulsion.”
Calumet Transfer, LLC v. Prop. Tax Appeal Bd. (Ill. App. Ct. 2010). “Petitioner argues PTAB erred as a matter of law in holding that the sale of property through bankruptcy defeats the presumption that the sale was "in the due course of business and trade, not under duress, between a willing buyer and a willing seller" (at arm's length) (35 ILCS…”
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