The Illinois Department of Revenue (IDOR) has issued a tentative property assessment equalization factor, also known as the "multiplier," of 1.0000 for Lee County, as reported by Illinois.gov. This figure is designed to balance property assessments across counties, ensuring that taxpayers with comparable properties are treated fairly, regardless of the county in which they reside.
Important for the maintenance of equity among the state's 6,600 local taxing districts, the multiplier addresses inconsistencies that would likely arise without such a system in place - these districts often span multiple counties. Detailed by David Harris, director of IDOR, the multiplier's true purpose is to level the playing field among counties. Despite its significance, the tentative factor, issued for the tax year 2025 to be paid in 2026, mirrors last year's multiplier for the county, standing firm at 1.0000.
Assessments within Lee County are calculated at 33.25% of market value based on property sales from the past three years (2022, 2023, and 2024). The IDOR establishes the multiplier each year by comparing individual property sales prices to their assessed values as determined by the county assessor.
According to Illinois law, property is typically assessed at one-third of its market value, yet farm properties deviate from this norm, being assessed on productivity standards. The multiplier's impact varies; less than one suggests assessments above the one-third market value threshold, above one suggests below. In Lee County's case, the assessment levels align closely enough with market value to warrant the 1.0000 figure.
Despite the importance of the multiplier in establishing tax fairness, changes in the multiplier do not necessarily pivot property tax bills. They are instead influenced by the fiscal needs of local taxing bodies, which determine the tax burden shared by property owners. This amount may stay stagnant if local districts maintain their financial requests at prior year levels. "A change in the equalization factor does not mean total property tax bills will increase or decrease," as stated by the Illinois Department of Revenue, it concerns the proportionate share of tax a particular taxpayer is obliged to shoulder.
Adjustments to the tentative multiplier may come into play if actions by the County Board of Review significantly alter the county assessments, or if new data emerge that challenge the IDOR's current estimates. A public hearing to discuss the multiplier will take place within the ensuing 20 to 30 days post-publication in the local newspaper, offering an open forum for local voices and potentially leading to revisions based on the county's assessment landscape.
