Fulton County homeowners can expect a fair shake on their next property tax bill, thanks to the new "multiplier" set by the Illinois Department of Revenue (IDOR). In a move that should level the playing field across the county, the IDOR has established a final property assessment equalization factor of 1.0000, signifying that properties in Fulton County are being assessed at precisely one-third of their market value – just as state law mandates.
This multiplier, which could spell relief or burden for taxpayers depending on their property's assessed value, plays a pivotal role in ensuring uniformity across the state's taxing districts, which can often sprawl over several counties. According to Illinois.gov, the equalization factor for 2023 taxes, payable in 2024, aims to mitigate potential disparities for taxpayers owning comparable properties.
So how does this work? Well, every year, the multiplier is adjusted based on a comparison of sales and the assessed values over the previous three years. If those numbers match up to one-third of the market value, the multiplier holds steady at one. Last year, the county's rate was a pinch lower at 0.9661, indicating the county was previously assessing properties at slightly below the ideal ratio. Farm property, however, plays by a different set of rules and is assessed by its agricultural economic value, not factored into this game of balance and checks.
But a note to property owners: "A change in the equalization factor does not mean total property tax bills will increase or decrease," the state's announcement read. It's the local taxing bodies that make the call when they set their annual budgets. If they're not asking for more than the previous year, those tax bills should stay put, even if someone's assessment nudges upward.
