2022 Logan County Final Multiplier
Announced
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[January 11, 2023]
Logan County has been issued a final property
assessment equalization factor of 1.0000, according to David Harris,
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.
Under a law passed in 1975, property in Illinois should 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 assessed at
one-third of its agriculture economic value. Farmland is not subject
to the state equalization factor.
Assessments in Logan County are at 33.29 percent of market value,
based on sales of properties in 2019, 2020, and 2021.
The equalization factor currently being assigned is for 2022 taxes,
payable in 2023. Last year's equalization factor for the county was
1.0000.
The final assessment equalization factor was issued after a public
hearing on the tentative factor. The tentative factor issued in
October 2022 was 1.0000.
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The equalization factor is
determined annually for each county by comparing the 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
the 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).
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 increase.
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.
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