West Central Reporter

Scott County's property assessment equalization factor for the year 2024 has been finalized at 0.9666, announced David Harris, director of the Illinois Department of Revenue. Known as the "multiplier," this factor serves the purpose of ensuring uniformity in property assessments across counties, a requirement mandated by law. It holds significance due to the overlap of some of the state's 6,600 local taxing districts into multiple counties, like school and fire protection districts. Absence of this equalization could result in significant inequities among taxpayers with similar properties.

According to legislation from 1975, Illinois property should be assessed at one-third of its market value. In contrast, farm properties are assessed differently, with farm homesites and dwellings subject to the usual assessment and equalization processes. Farmland, assessed at one-third of its agricultural economic value, is not subjected to the state equalization factor. Assessments in Scott County presently stand at 34.48% of market value, grounded on property sales from the years 2021 to 2023. The newly assigned equalization factor is applicable for 2024 taxes, which will be payable in 2025. Last year's equalization factor for Scott County was established at 1.0000.

Following a public hearing on the tentative factor, issued on January 30, 2025, the final assessment equalization factor was established. This factor is calculated annually for each county by contrasting the sales price of properties over the past three years to those properties' assessed values managed by the county assessor.

The equalization factor will equal one if assessments average one-third of market value. Should averages exceed one-third, the factor will drop below one, whereas a lesser average will increase the factor above one. A developing equalization factor does not inherently cause property tax bills to fluctuate. Tax bills are influenced by local bodies when they request funds annually to serve the community. Unless local taxing districts request more funds than in the previous year, increased assessments do not correlate to higher total property taxes.

The assessed value of individual property dictates an owner's share of the tax burden. This personal tax responsibility remains unaffected by the multiplier.