Homeowners in Coles County can breathe a sigh of relief as property tax calculations will see no major shifts this year. The Illinois Department of Revenue confirmed the county's final property assessment equalization factor is holding steady at 1.0000. David Harris, director of the IDOR, announced that Coles County's property has been uniformly assessed, meeting the state legal requirements to equalize property assessments across counties, according to official statements.
With some taxing districts overlapping multiple counties, uniformity is key in preventing, potential inequities for property owners. Under the state law from 1975, all properties, except farmland, are to be assessed at one-third of their market value. The IDOR's assessment for Coles County, which is based on property sales from the years 2020 through 2022, came out just shy at 32.97%.
The equalization factor, critical for determining 2023 property taxes payable in 2024, was finalized after a public hearing held earlier this year on the preliminary finding, which also suggested a 1.0000 factor. This figure is recalculated annually, and the intent is to make sure that if the three-year average assessed value of properties aligns with one-third of their market value, the multiplier applied will be 1.0000, maintaining parity and fairness in the tax system.
However, the IDOR notes that any shift in the multiplier does not inherently signal an increase, or decrease in overall property tax bills. These are set by local districts based on their budgetary needs for the year, as Harris's update underscores. If the funds requested by these bodies don't spike from one year to the next, taxpayers won't see a jump in their bills—even if property valuations rise. The assessed value of each property merely determines the owner's slice of the tax pie, not the size of the pie itself.
Looking back, Coles County maintained the same 1.0000 multiplier factor last year. The consistency in this figure suggests a steady real estate market in terms of valuation. For residents concerned with their financial planning, this stability in taxation can be seen as a welcome plateau, allowing for a more predictable fiscal horizon. And as always, local taxing authorities remain the real players in determining the actual tax levied on properties within their domains.
