Edgar County final multiplier is 1

Special to The Prairie Press
Posted 6/8/20

SPRINGFIELD — Edgar 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 …

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Edgar County final multiplier is 1

Posted

SPRINGFIELD — Edgar 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. If there were no equalization among counties, substantial inequities among taxpayers with comparable properties would result.

By law, 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 farmland is assessed at one-third of its agriculture economic value. Farmland is not subject to the state equalization factor.

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. Assessments in Edgar County are at 33.31 percent of market value, based on sales of properties in 2016, 2017, and 2018.

The equalization factor currently being assigned is for 2019 taxes, payable in 2020. Last year's equalization factor for the county was also 1.0000.

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.