Mason County residents should take note that a tentative property assessment equalization factor has been set for 2024, coming in at 1.0544, as announced by David Harris, director of the Illinois Department of Revenue (IDOR). This "multiplier," necessary for making sure property assessments are on even footing across counties, is a critical plank in the platform of property taxation, especially in locales where taxing districts, like school and fire protection districts, might overlap with neighboring counties. Without such measures, those living in identical homes could find themselves unjustly taxed at different rates.
To comply with state law, which mandates property in Illinois should be assessed at a third of its market value, farm property excepted, assessors weigh the sales price of properties sold within the past three years against county assessments. If the average is right on the mark, that is one-third, the multiplier would be 1.0000. But here in Mason County, assessments are currently at 31.61% of market value, based on sales data compiled from 2021, 2022, and 2023, a tad below the state requirement. according to the Illinois Department of Revenue's release.
Before residents can consider this factor set in stone, know it remains tentative, susceptible to adjustments should the County Board of Review significantly affect the county assessments or if presented with data suggesting recalibration is in order. Local officials will ensure the community is kept abreast, with a public hearing set between 20 and 30 days after the tentative multiplier’s publication in a county newspaper.
It's important to clarify a change in the equalization factor doesn't directly correlate to a hike or drop in property tax bills. These bills are influenced by the requests of local taxing bodies, who might be looking to provide services that cater to the immediate needs of the population. Even if the multiplier were to shift, unless the taxing districts ask for more than what was received in the prior year, taxpayers won't necessarily see their bills go up. It's about ensuring everyone carries their rightful share of the tax load, a fact underscored by the IDOR's caveat that an individual's portion of tax responsibility isn't altered simply due to shifts in the multiplier.
