Bond County multiplier drops from previous year
The Illinois Department of Revenue has assigned Bond County a tentative property assessment equalization factor of 1.000 for 2016, a slight reduction from last year’s rate of 1.0432.
A public hearing on the equalization factor, also referred to as a multiplier, will be scheduled within a month. The tentative multiplier can be changed under limited circumstances, including presentation of data that calls the Department of Revenue’s estimates of the average level of assessments into question, or if the county board of review takes any action that would significantly impact the county assessments.
This 1.0 multiplier is for 2016 taxes, payable this year.
The most recent assessment/sales ratio study -- a review of assessed values compared with actual property sales during 2013-15 -- shows that ond County's assessed values are 32.98 percent of market value.
A change in the multiplier value does not result in an increase or decrease in property taxes. County officials determine the total property tax revenue needed to fund necessary services to citizens, and the countywide equalized assessed value is used by county officials to determine the necessary tax rate needed to reach its revenue goal.
State law requires property in Illinois to be assessed at one-third of market value. If a regularly performed ratio study shows that assessments are either higher or lower than 33.03 percent, an equalization factor/multiplier is calculated and applied.
The equalization factor process assists in providing uniformity in property assessments between counties -- an important process since several of the state’s 6,600 local taxing districts such as school, junior college and fire protection districts cross county borders.