Jersey County homeowners can breathe a little easier knowing their property assessment equalization factor, also known as the "multiplier," stands pat at a neutral 1.0000. The announcement, made by the Illinois Department of Revenue's David Harris, aims to keep property assessments on a level playing field across the county, as required by state law. The IDOR's decision ensures that, regardless of which local taxing district they fall under, all residents are equally yoked when it comes to calculating property taxes.
This equilibrium is designed to prevent potential disparities that could unfairly to burden some taxpayers over others. Notably, the multiplier ensures that properties with comparable value shoulder a similar tax load, despite their geographical location within overlapping taxing districts, such as school or fire protection zones. Jersey County's assessments hover around 33.07% of market value, a figure derived from analyzing property sales spanning 2020 through 2022, as confirmed by Illinois government sources.
The groundwork for this assessment methodology was laid in 1975, mandating that Illinois properties should be assessed at a third of their market value, excluding farmland which plays by a different set of rules. These farmlands are assessed based on agricultural economic value and dodge the equalization factor's recalibrations. The unchanged multiplier for the upcoming tax year parallels last year's, sustaining a consistency appreciated by taxpayers.
Arriving at this final number follows a specific formula; the equalization factor is calculated by comparing the assessed property values against actual sale prices over the past three years. If the resulting average assessment aligns with a third of the market value, then the factor is set squarely to one. Any deviation would obligate the factor to adjust accordingly, to either rise above or fall below the unity mark, ensuring tax equity among the county's property owners.
However, it's worth noting that a steady equalization factor doesn't always translate to static tax bills. Local taxing bodies may still request more funds to provide local services, which could result in a greater tax hit for residents. Essentially, it's these local authorities' needs that will ultimately dictate whether property taxes rise or fall, not the multiplier itself. Nevertheless, how much of this tax burden falls upon the shoulders of any given homeowner is strictly determined by their property's assessed value, as David Harris highlighted in his announcement. In essence, the multiplier reflects a commitment to fairness, not a guarantee of lower taxes.
