 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 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 one 1.
Assessments in Logan County are at 33.42 percent of market value, based on
sales of properties in 2009, 2010 and 2011.
The equalization factor currently being assigned is for 2012 taxes, payable
in 2013.
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Last year's equalization factor for the county was 1.0000.
The tentative factor is subject to change (a) if the county board
of review takes actions that significantly affect the county
assessments, or (b) 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.
There will be a public hearing on the tentative multiplier
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 that 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] |
