Residents of Cumberland and Lee Counties are facing changes in their property assessment equalization factors, as the Illinois Department of Revenue sets out tentative multipliers for 2023. For those living in Cumberland County, the new rate comes in at 1.0246, a slight uptick from last year's factor of 1.0000. Meanwhile, their neighbors in Lee County will see no change with their multiplier standing pat at 1.0000, according to information released by David Harris, Director of the Illinois Department of Revenue.
Harris explained that the "multiplier" is key in standardizing property assessments across counties, crucial for the 6,600 local taxing districts that often stretch across county lines. As reported by Illinois.gov, the goal is to iron out potential disparities amongst taxpayers, ensuring fairness and uniformity. In Lee County, assessments have met the state requirement of being one-third of market value, hence the equalization factor remaining unchanged. Published on January 12th, this decision holds the line, preserving last year's status quo.
In contrast, assessed values in Cumberland County are sitting slightly below the one-third market value mark at 32.53 percent, based on recent sales data. As a result, the tentative multiplier issued will adjust for this discrepancy, informs Illinois.gov. This move is not necessarily indicative of an increase in total property tax bills. These are set by the individual taxing bodies at the local level, who determine the funds they'll need for services each year.
The property assessment equalization factor serves as a pivotal tool to achieve fairness in a complex tapestry where local taxing districts weave through communities. Each year's factor is provisional and subject to review—a public hearing on the tentative multiplier is slated to occur within 20 to 30 days after publication in a county newspaper. This hearing opens the door for additional data that could potentially adjust the Department of Revenue's initial estimates, as noted by Illinois.gov. Modifications of these factors only affect the proportion of tax liability for individual taxpayers, not the total billed by tax districts.
