Homeowners in Kendall County can breathe a sigh of relief as the property assessment equalization factor, known as the "multiplier," remains unchanged at 1.0000, as announced by the Illinois Department of Revenue. The multiplier ensures that property assessments are consistent across the state's numerous local taxing districts, which often stretch across multiple counties, including those for schools and fire protection.
Implemented to prevent disparities among taxpayers within comparable properties, the equalization factor is crucial, as some districts overlap into two or more counties. David Harris, director of the IDOR, outlined how these measures are intended to maintain fairness in the system.
Illinois law, established in 1975, dictates that properties should be valued at one-third of their market value for assessment purposes, with an exception for farm property, which is evaluated based on its agricultural economic value. Based on property sales over a span from 2020 to 2022, the assessments in Kendall County currently stand at 33.31% of market value, indicating a balance in the local property assessment rates.
A public hearing on the matter preceded the finalization of the equalization factor, maintaining last year's figure and reflecting a consistent average level of assessment, closely matching the statutorily recommended one-third of the market value of the properties. In calculating the annual equalization factor, the IDOR closely examines property sales data in contrast to assessment valuations made by the county supervisor of assessments/county assessor, essential in determining whether that balance is met.
Taxpayers should note, however, that a stable equalization factor does not directly translate to an increase or decrease in their total property tax bills. These are dependent on the funding demands of local taxing bodies which determine annual service provisions and associated costs. Essentially, unless the amount requested by local taxing districts increases, property taxes remain unaffected by changes in assessment values.
The assessed value of a particular property dictates the tax liability for a taxpayer within that jurisdiction. As such, the individual's tax burden is not impacted by changes in the equalization factor itself. For further details on the Kendall County final property assessment equalization factor, visit the Illinois Department of Revenue.
