Chicago
AI Assisted Icon
Published on January 21, 2025
Sangamon County Announces New Property Assessment Multiplier, Public Hearing to FollowSource: Google Street View

Sangamon County residents should take note that their property assessment equalization factor, colloquially known as the "multiplier", has been set to 1.0889 for the year, as announced by David Harris, the director of the Illinois Department of Revenue (IDOR). The multiplier is a pivotal tool employed by the state to ensure that property assessments maintain uniformity throughout various counties, safeguarding against potential disparities among taxpayers possessing comparable properties. This measure transcends county borders, affecting local taxing districts such as schools and fire protection units, which often span multiple areas.

The equalization factor, updated annually, is determined based on the sales data of properties over the past three years compared to their assessed valuation by the county's assessor. If this three-year average assessment level aligns with one-third of the market value, then the factor stands at 1.0000. However, if the average lean is lower, the factor surges above one and drops below if it's higher. For Sangamon County, the assessments are currently positioned at 30.61% of market value, considering property sales from 2021 through 2023, justifying the tentative 1.0889 figure.

Last year, the county's equalization factor was a clear-cut 1.0000. However, this year's number could still shift based on potential actions from the County Board of Review that significantly affect county assessments or if new data persuades the IDOR that adjustments are warranted. There's a window for discussion, with a public hearing scheduled within 20 to 30 days from when the tentative factor is shared in a county-wide newspaper, providing an opportunity for local voices to weigh in on the determination.

It's crucial to understand that changes in the multiplier don't directly dictate the rise or fall of total property tax bills. Those numbers are at the discretion of local taxing entities that decide the funding needed to deliver services. A higher multiplier doesn't necessarily spell an increased tax responsibility for an individual property owner—it's the taxing bodies' budgetary requests that sculpt those outcomes. As the announcement on the state's website clarifies, unless requests from local taxing districts surpass last year's totals, overall property taxes should not escalate regardless of changes in assessment figures.