Residents of Washington County are facing a change in the property tax landscape, with the Illinois Department of Revenue (IDOR) setting a tentative property assessment equalization factor of 0.9666. This factor, commonly known as the "multiplier," is crucial to ensure uniform property assessments across counties, a requirement established by law. As clarified by IDOR Director David Harris, this adjustment aims to address discrepancies in local tax districts that might otherwise lead to significant tax inequities among property owners.
The multiplier is intended to adjust assessments so that properties are taxed at an equitable rate, regardless of the county they are in. The method for determining the equalization factor is to thoroughly compare recently sold properties' sale prices against the assessments given by the county. However, this year's factor of 0.9666, while aimed at fairness, does not automatically signal an increase or decrease in total property tax bills. This is explained by the fact that tax bills are largely influenced by the monetary demands of local taxing bodies, not just the assessment ratios.
David Harris of the IDOR has stated that this factor is designed for the 2024 tax year and will be payable come 2025. It's a slight shift upward from last year's multiplier, which was positioned at 0.9159. But, like all tentatively set figures, this one comes with the possibility of change. The Washington County Board of Review could potentially take actions that would materially affect county assessments, or new data could emerge that sway the IDOR's conclusion on the average level of county assessments.
For an individual property owner, the raw number of the multiplier should not be taken as an indicator of their share of the tax burden stabilizing or shifting. The assessed value of their property holds more weight in that determination. If local taxing bodies decide not to request more funds than they did in the previous year, it's possible for total property taxes to remain unchanged regardless of a jump in assessments. According to the IDOR, a public hearing on the tentative multiplier will be held within the next 20 to 30 days. This is a vital step as the community will have the opportunity to voice concerns or offer support for the proposed changes.
Residents interested in the proceedings or who wish to understand more about how the multiplier will impact them can anticipate seeing an official notice for the public hearing in a local newspaper, adhering to transparency procedures. This information comes in advance of the hearing as part of the efforts to ensure the public is well-informed and able to engage in the discussion. More detailed information regarding the tentative multiplier and its implications for property taxes in Washington County can be found on Illinoithe s Department of Revenue's official website.
