ILLINOIS (KFVS) - Illinois Department of Revenue Director, Constance Beard, has issued a final property assessment equalization factor of 1.0000.
This property equalization factor is a method used to achieve uniform property assessment among counties, as required by law. This is needed because Illinois' 6,600 local taxing districts overlap into two or more counties. This would cause substantial inequities among taxpayers with comparable properties.
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.
In 2014 through 2016, the assessments in Union County were at 33.32 percent of market value.
The equalization factor currently being assigned is for 2017 taxes, payable in 2018. Last year's equalization factor for the county was 1.0287.
The final assessment equalization factor was issued after a public hearing on the tentative factor, which is tentatively 1.0000.
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. 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.
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.