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 The property
assessment equalization factor, often called the "multiplier," is
the method used to achieve uniform property assessments among
counties, as required by law. This equalization is particularly
important because some of the state's 6,600 local taxing districts
overlap into two or more counties (e.g., school districts, junior
college districts, fire protection districts). If there were no
equalization among counties, substantial inequities among taxpayers
with comparable properties would result.
State law
requires property in Illinois to be assessed at one-third of
its market value. Farm property is assessed differently, with farm home sites and dwellings subject to regular assessing and
equalization procedures, but with farmland and farm buildings
assessed according to standards based on productivity.
The equalization
factor is determined annually for each county by comparing the sales
price of individual properties sold over the past three years with the
assessed value placed on those properties by the county supervisor
of assessments or county assessor.
If this
three-year average level of assessment is one-third of market value,
the equalization factor will be one. If the average level of
assessment is greater than one-third of market value, the
equalization factor will be less than one. And if the average
level of assessment is less than one-third of market value, the
equalization factor will be greater than one.
Assessments in
Logan County are at 33.15 percent of market value, based on sales of
properties in 2005, 2006 and 2007.
The equalization
factor currently being assigned is for 2008 taxes, payable in 2009.
Last year's
equalization factor for the county was 1.0000.
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The tentative
factor is subject to change (1) if the county board of review takes
actions which significantly affect the county assessments or (2) if
local officials or others can present data showing that the
Department of Revenue's estimates of the average level of
assessments in the county should be adjusted. A public hearing on
the tentative multiplier will be held between 20 and 30 days after
the tentative factor is published in a newspaper of general
circulation within the county.
A change in the
equalization factor does not mean total property tax bills will
increase or decrease. Tax bills are determined by local taxing
bodies when they request money each year to provide services to
local citizens. If the amount requested by local taxing districts is
not greater than the amount received in the previous year, then
total property taxes will not increase even if assessments may have
increased.
The assessed
value of an individual property determines what portion of the tax
burden a specific taxpayer will assume. That individual's portion
of tax responsibility is not changed by the multiplier.
[Text from
Illinois
Department of Revenue file received from
the
Illinois Office of
Communication and Information]
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