2020 Logan County Final Multiplier
Announced
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[April 01, 2021]
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 33.10 percent of market value, based
on sales of properties in 2017, 2018, and 2019.
The equalization factor currently being assigned is for 2020 taxes,
payable in 2021. 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
2020 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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