On November 8th, Illinois' Piatt County was assigned a tentative property assessment equalization factor of 1.0000, according to David Harris, Director of the Illinois Department of Revenue in an official release. Known as the "multiplier," this factor aims at ensuring uniform property assessments among counties for equitably distributing tax burdens.
Calculation of each county's multiplier annually involves comparing property sales prices from the preceding three years with the assessments provided by county assessments supervisors and assessors. Determined by the average level of assessment relative to the market value, the equalization factor can either be above or below 1. According to 2020, 2021, and 2022 assessments from Piatt County levels, they are at 33.08% of the market value.
Still, this tentative multiplier may face adjustments due to actions by the County Board of Review or data indicating that estimates provided by the Department of Revenue need revision, as reported by Illinois Government News. Following publication of the multiplier in a local newspaper, a public hearing will be held within 20 to 30 days for any necessary revisions.
The multiplier's primary role is to ensure fair distribution of the tax burden. The assessed value of a property forms the basis for determining the specific taxpayer's share, but the equalization factor itself does not affect this share.
In light of the tentative equalization factor announced for Piatt County in 2023, taxpayers should remember that this value changes and does not directly influence their tax bills. Rather, alterations in property values and the amount requested by local taxing jurisdictions will have a more significant impact on property taxes. For a fair and equitable taxation within their counties, taxpayers are encouraged to stay abreast of updates and participate in public hearings pertaining to the multiplier.
