Logan County final multiplier announced
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[May 30, 2013]
SPRINGFIELD -- Logan County has
been issued a final property assessment equalization factor of
1.0000, according to Brian Hamer, director of the Illinois
Department of Revenue.
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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 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 33.42 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. 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 March 2013 was 1.0000.
The equalization factor is determined annually for each county by
comparing the 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.
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If this three-year average level of assessment is one-third of
the market value, the equalization factor will be 1.0. If the
average level of assessment is greater than one-third of market
value, the equalization factor will be less than 1.0. And if the
average level of assessment is less than one-third of market value,
the equalization factor will be greater than 1.0.
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.
[Text from
Illinois
Department of Revenue file received from
the
Illinois Office of
Communication and Information]
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