 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] |
