The Illinois PTaX-762 application for Model Home assessment is a tool used by the Illinois Department of Revenue (IDOL) to calculate the amount of property taxes owed on a model home or building. It is a form that must be filled out and filed with the IDOL to determine the amount of property taxes due. The application contains fields for the assessed value of the property, the assessed value of any improvements to the property, and the tax rate for the locality in which the property is located. The application also allows for deductions for homestead exemptions and exclusions from the assessed value of the property. There are two types of Illinois PTaX-762 application for Model Home assessment: one for residential properties and one for commercial properties.