In Moultrie County, a familiar number has surfaced once again – the property assessment equalization factor stands unwavering at 1.0000, according to the Illinois Department of Revenue. Their properties are being assessed at just about one-third of their market value, in line with state laws that have shaped property taxes since 1975.
This 1.0000 multiplier, a figure that has not budged since the previous year, serves to iron out any disparities in property assessments across Illinois counties, an endeavor that is decidedly more complex given the overlapping nature of local taxing districts. David Harris, director of the IDOR, clarified that such standardization is key to ensuring tax equity for comparable properties. However, despite the uniformity in the equalization factor, the actual tax bills for property owners will not automatically climb or plummet, as these are influenced more by the financial appetites of local taxing bodies.
Framing the backdrop to this announcement is the fact that assessments in Moultrie County are at 33.26% of market value, a figure calculated based on property sales data from the years 2021 to 2023. The process for arriving at the equalization factor is a systematic comparison of sold properties' prices to assessed values determined by county assessors. The purpose, as with all such financial tools, is to gauge and guide the appropriate level of tax responsibility for each property owner.
It's worth acknowledging that while the multiplier remains static at 1.0000, this is not an indicator of stasis in property tax bills. The actual cost to property owners hinges on the annual budgetary decisions of local districts, according to a state news release. The number, whether it sways above or dips below one, reflects whether the three-year average level of assessment falls short of, hits, or exceeds the one-third market value sweet spot.
