In a move signaling stability for Stark County property owners, the Illinois Department of Revenue (IDOR) has established a property assessment equalization factor, or "multiplier", of 1.0000 for the year, as announced by director David Harris. This figure aims to ensure consistent property assessments across counties, a requirement under state law due to the presence of local taxing districts that span multiple jurisdictions such as schools and fire departments.
Illinois legislation mandates, since 1975 that properties are assessed at a third of their market value, while farm properties follow a different set of rules. In Stark County, assessments are currently aligned with market values, based on property sales data from 2021 to 2023. This equality has been maintained, with the 2024 taxes – payable in 2025 – remaining at a ratio of 1.0000, as opposed to last year's 1.0199, according to Illinois.gov.
Assessment levels are gauged annually, per county, by comparing sales prices over three years with the county's assessed property value. If the average assessment aligns with a third of the market value, the multiplier is set at one (1). Conversely, a higher or lower average assessment leads to an adjusted multiplier, respectively below or above one (1). This year's final factor came in the wake of a public hearing concerning the tentative figure, which was also set at 1.0000.
Importantly, changes to the equalization factor do not automatically result in increased or decreased property tax bills. Such adjustments are determined by the local taxing entities based on their fiscal requirements to offer services. The multiplier's role is to ensure a proportionate tax burden among taxpayers, not to dictate the total tax bill. "The assessed value of an individual property determines what portion of the tax burden a specific taxpayer will assume," says the IDOR.
