Morgan County residents are looking at a change in property taxes, but not necessarily an increase or decrease in their bills. The Illinois Department of Revenue (IDOR) has set the tentative property assessment equalization factor at 0.9678, as announced by IDOR Director David Harris. This factor, commonly referred to as the "multiplier," aims to balance property assessments across counties, ensuring fairness among taxpayers of similar properties, even when these properties fall into overlapping taxing districts like school or fire districts.
Uniformity in property assessments is mandated by state law, which stipulates that properties must be evaluated at one-third of their market value. The actual multiplier for each county is calculated by comparing individual property sales prices over the past three years to the assessed values designated by the county assessor. In Morgan County, assessments are coming in at 34.44% of market value, based on property sales from 2021 through 2023. This figure skews slightly above the state's one-third requirement, which explains this year's multiplier being less than one. According to a report published on Illinois.gov, last year's multiplier was an even 1.0000.
Residents should understand that the multiplier itself does not directly sway the total property tax bills. Local taxing bodies, such as school districts and municipalities, determine property tax bills by the amount of money they request to provide services to the community. If their ask does not exceed the previous year's funding, then even with an increased assessment, property taxes will remain static.
The newly announced tentative equalization factor could see alterations before finalization. Changes may occur if the County Board of Review significantly impacts county assessments or if evidence is presented that justifies a review of the average level of assessments in Morgan County. A public hearing is scheduled within the next 20 to 30 days, allowing community members to voice their concerns and learn more about how assessments are determined and how they can affect overall taxes. For individuals in Morgan County, the assessment of their property dictates their share of the tax burden, a figure unaltered by the multiplier itself.
For a more comprehensive understanding of how property taxes are calculated and news on the public hearing date, visit Illinois.gov. The final equalization factor will be used to determine taxes for 2024, which are payable in 2025, giving property owners ample time to prepare for any potential changes in their upcoming tax bills.
