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Logan County
final multiplier announced
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[April 22, 2010]
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. |
Th e
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 home sites 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 33.23
percent of market value, based on sales of
properties in 2006, 2007 and 2008.
The equalization factor currently being
assigned is for 2009 taxes, payable in 2010.
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 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.
If this three-year average level of
assessment is one-third of the market value,
the equalization factor will be one. If the
average level of assessment is greater than
one-third of market value, the equalization
factor will be less than one. And if the
average level of assessment is less than
one-third of market value, the equalization
factor will be greater than one.
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top of second column]
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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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