Residents of Calhoun County should take note, as a new tentative property assessment equalization factor of 1.0786 has been announced by David Harris, director of the Illinois Department of Revenue (IDOR), according to a recent press release. This factor, also known as the "multiplier," seeks to iron out differences in property assessments across the state and is key to ensuring fairness for taxpayers with similar properties. Evidently, the state law demands property be assessed at one-third of its market value, a standard that shapes these annual adjustments.
Underpinning this process is a comparison between sale prices of properties over the last three years and their assessed value determined by the county assessor, the multiplier adjusts if these figures diverge from the one-third market value target. In Calhoun County, assessments are currently sitting at 30.90% of market value based on property sales from 2021 to 2023, as documented in the state's press release. To put it in perspective, last year's equalization factor for the county was pegged at 1.0982, indicative of the subtle shifts that can occur from year to year.
Changes in the multiplier don't directly determine whether property tax bills rise or fall. Tax bills depend on the budget needs of local taxing bodies like schools and fire districts. If these needs remain unchanged from the prior year, total taxes stay level, even if assessments rise. The multiplier doesn't affect individual assessed values but helps balance assessments across the county.
The tentative multiplier of 1.0786 isn't final. It may change if the County Board of Review significantly alters assessments or if new data prompts the IDOR to adjust the county's average assessment level. A public hearing will be held 20–30 days after the multiplier is published in a local newspaper, giving the community a chance to provide input and stay informed about the process, as per the State of Illinois.
