Residents of DeKalb County can breathe a slight sigh of relief, at least on the property tax front, as Illinois' Department of Revenue announced a tentative property assessment equalization factor of 1.0000 for the county, keeping the value steady with the previous year. This factor, also known as a "multiplier," is the tool used to ensure uniform property assessments across counties, which is required by law, according to a release from the Illinois Department of Revenue.
David Harris, director of the Illinois Department of Revenue, outlined that this approach is necessary for fairness, especially since some of the state's 6,600 local taxing districts span multiple counties; without equalization, disparities could emerge, skewing tax burdens for comparable properties which would not be fair, assessments in DeKalb County are currently at 33.37% of market value - this is based on the sales data of properties from 2022 through 2024. The selection of a multiplier is an annual exercise, factoring in property sales prices and assessed values over a three-year period, which ultimately ensures that the average level of assessment hovers close to a third of the market value.
If the County Board of Review decides to significantly alter the county assessments, or if local officials present data suggesting adjustments are needed, the multiplier might experience changes from the tentative 1.0000. A public forum regarding this tentative multiplier will happen within 20 to 30 days after its announcement in a local newspaper, offering a chance for community input.
Importantly, a shift in the equalization factor does not automatically signal an uptick or downturn in total property tax bills; these are instead determined by the yearly financial requirements laid out by local taxing bodies which provide service to residents, this means that if local taxing districts don't raise their fiscal requests, homeowners might not see increases in property taxes even if their property assessments climb. The assessed value of any one property will dictate the slice of tax responsibility that a specific taxpayer will bear, but crucially, "That individual's portion of tax responsibility is not changed by the multiplier," as stipulated by the Illinois Department of Revenue.
