Residents of McDonough County can gear up for the discussion on property taxes following the recent announcement of a tentative property assessment equalization factor, also known as a "multiplier" of 1.0000 by the Illinois Department of Revenue (IDOR), as reported by the state of Illinois news release. David Harris, the director of IDOR, revealed this figure to ensure uniform property assessments across counties which is mandatory by law.
This tentative multiplier is especially critical for property owners as local taxing districts such as school and fire protection districts spill over county lines, causing potential disparities in tax rates for comparable properties without such measures. As selling properties over the past three years stacks up against county assessments, the equalization factor is eyed yearly.
Aiming at fairness, the state law positions property to be assessed at one-third of its market value, yet agricultural properties follow a different rule set. According to the news release, assessments in McDonough County are currently at 33.06% of market value, leading to the tentative factor for 2024 that taxpayers will pay in 2025. This aligns consistently with last year's figure for the county.
A shift in the multiplier does not necessarily signal a change in the amount property owners will pay in taxes. This depends on the requirements of local taxing bodies determining their financial needs to deliver services to the community. Any substantial action taken by the County Board of Review or data presented that calls for adjustments to the IDOR's assessments could still alter the tentative factor. Residents can anticipate a public hearing on the matter, which is scheduled to occur 20 to 30 days post-publication in a county-wide newspaper.
It is important for McDonough County's taxpayers to recognize that the equalization factor influences the relative proportion of the tax burden they bear, and not the overall bill they must pay. As the state of Illinois news release plainly puts it, "The assessed value of an individual property determines what portion of the tax burden a specific taxpayer will assume. That individual's portion of tax responsibility is not changed by the multiplier."
