Property owners in Perry County can breathe a sigh of continuity, as the Illinois Department of Revenue has set the property assessment equalization factor, also known as the "multiplier," at 1.0000 for the second year in a row. This figure ensures that the assessed value of properties in the county is consistent with state law requirements and that no sweeping inequities will face taxpayers with similar properties across overlapping taxing districts.
The state mandates that property be assessed at one-third of its market value, a law that stands since 1975, and an equalization factor of one means Perry County is hitting that mark spot on. The numbers come from a review of property sales over the last three years, provided by county assessors, which placed assessments at 33.81% of market value—a hair over the target assessment level. The equalization factor is vital for distributing the tax load fairly, especially for settings like school districts, and junior college districts, which spill over into multiple counties, potentially creating tax imbalances.
According to a statement from the Illinois Department of Revenue, the finalized multiplier for 2023 was released following a public hearing on the initial tentative factor, which had also been set at 1.0000 back on July 24. This process aims to ensure transparency and provide an opportunity for the public to weigh in on county assessments before their finalization.
Homeowners need to understand that the equalization factor does not directly hike property tax bills. These bills are determined by the amount requested by local taxing bodies each year to fund services for citizens. If taxing districts don't ask for more than they got the year before, total property taxes won't see an increase even if assessments do, as per the State of Illinois.
