2017 Logan County Tentative
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[November 21, 2017]
County has been issued a tentative property assessment equalization
factor of 1.0000, according to Constance Beard, 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.
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.
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 33.16 percent of market value,
based on sales of properties in 2014, 2015, and 2016.
The equalization factor currently being assigned is for 2017 taxes,
payable in 2018.
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Last year’s equalization factor for the county was 1.0000.
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.
[Illinois Department of Revenue]