Edwards County has settled on a property assessment equalization factor of 1.0000, as revealed by Illinois Department of Revenue Director David Harris. This factor, crucial for maintaining uniformity in property assessments across counties, will influence the tax bills for 2023, payable in the upcoming year. Edwards County's new multiplier, essential for balancing tax burdens when local taxing districts cross county lines, remains the safeguard against potential inequities in taxation amongst owners of comparable properties.
According to a state announcement, properties in Edwards County are currently assessed at 33.31% of market value. This assessment was concluded after reviewing property sales data from 2020 to 2022. Differing from the prior year's factor of 0.9666, the newly issued final multiplier is a direct outcome of the annual adjustments aiming to meet the statutory requirement that property in Illinois be assessed at one-third of its market value. However, farmland is the exception to this rule, being assessed based on its agricultural economic value instead.
The state equalization factor for each county is calculated by the Illinois Department of Revenue by comparing the three-year average sale price of individual properties to their assessed value determined by county authorities. Should the average level of assessment equate to one-third of market value, the factor is set at one. It drops below one if the level of assessment exceeds the targeted one-third, and it exceeds one when the average assessment falls short of the one-third mark.
It's critical to note that a shift in the multiplier doesn't spell an automatic increase or decrease in property tax bills. These are calculated based on the funds local taxing bodies need to deliver services to their communities. Should these requested amounts not surpass the previous year's totals, taxpayers wouldn't face higher taxes even if property assessments climb. The multiplier merely adjusts the share of tax responsibility without altering the total tax revenue.
