Property owners in Stark County can expect to see a shift in their property assessment equalization factor, as the Illinois Department of Revenue has set the new "multiplier" at 1.0199. Director David Harris confirmed the adjustment, which aims to balance property assessments across the county and ensure fair taxation. The equalization factor is crucial in maintaining equity as it influences local taxing districts that may span multiple counties, like school and fire districts.
Last year, Stark County saw a multiplier of 1.0000, meaning property assessments were believed to be on par with the market value. The slight nudge up this year to 1.0199 reflects discrepancies in the market values and assessed values of property sales from 2020, 2021, and 2022, according to Illinois state officials. This is to ensure that assessments align with the market value as closely as possible, which by law should be one-third of a property’s market value.
The adjustment follows a public hearing on the county's tentative equalization factor, which was also set at 1.0199 back in November 2023. To arrive at these figures, the county supervisor of assessments or county assessor compares the prices of individual properties sold over the past three years with their assessed values. When the average level of assessment is below a third of the market value, which was 32.68 percent for Stark County, the multiplier is increased to bridge the gap.
However, taxpayers should note that a change in the multiplier doesn't directly dictate whether their tax bill will increase or decrease. These are determined by the amount requested by local taxing bodies each year to fund public services. If the sum sought after by these districts doesn't surpass what was received the previous year, then total property taxes remain stable regardless of an uptick in assessments. Essentially, the impact of the new multiplier on an individual's tax responsibility is to ensure everyone pays their fair share, according to the state guidelines.
