Logan County tentative multiplier announced
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[January 06, 2014]
SPRINGFIELD — Logan County has
been issued a tentative property assessment equalization factor of
1.0284, 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.
requires property in Illinois to be assessed at one-third 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.
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 1. If the average
level of assessment is greater than one-third of market value, the
equalization factor will be less than 1. And if the average level of
assessment is less than one-third of market value, the equalization
factor will be greater than 1.
Assessments in Logan County are at 32.41 percent of market value,
based on sales of properties in 2010, 2011 and 2012.
The equalization factor currently being assigned is for 2013
taxes, payable in 2014.
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 that 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
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
Department of Revenue file received from
Illinois Office of
Communication and Information]