County Tentative Multiplier announced
Multiplier drops from 1.0284 to 1.0
Send a link to a friend
[December 26, 2014]
SPRINGFIELD,
IL, Logan County has been issued a tentative property assessment
equalization factor of 1.0000, according to Brian Hamer, Director of
the Illinois Department of Revenue.
|
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
(1/3) of its market value. Farm property is assessed differently,
with farm homesites and dwellings subject to regular assessing and
equalization procedures, but with farmland and farm buildings
assessed according to standards based on productivity.
![](http://archives.lincolndailynews.com/2014/Dec/26/images/ads/current/business_directory_filler.png) The equalization factor is determined annually for each county by
comparing the sales price of individual properties sold over the
past three years to the assessed value placed on those properties by
the county supervisor of assessments/county assessor.
[to top of second column] |
![](http://archives.lincolndailynews.com/2010/Jan/07/images/ads/current/guzzardo_lda022609.png)
If this three-year average level of assessment is one-third
of market value, the equalization factor will be one (1). If the
average level of assessment is greater than one-third of market
value, the equalization factor will be less than one (1). And if
the average level of assessment is less than one-third of market
value, the equalization factor will be greater than one (1).
Assessments in Logan County are at 33.32 percent of market value,
based on sales of properties in 2011, 2012, and 2013.
The equalization factor currently being assigned is for 2014 taxes,
payable in 2015.
Last year’s equalization factor for the county was 1.0284.
[Illinois Department of Revenue] |