SPRINGFIELD, IL, – Peoria County was issued a tentative property assessment equalization factor of 1.0000.
The property assessment equalization factor, often called the “multiplier”, is the method used to achieve uniform property assessments among counties.
According to the Director of the Illinois Department of
Revenue David Harris, 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).
The assessment is required by law.
If there was 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 (1/3) of its market value.
Farm property is assessed differently, with farm home sites 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.
The assessed value is placed on those properties by the county supervisor of assessments/county assessor.
The assessed value of an individual property determines what portion of the tax burden a specific taxpayer will assume.
