West Central Reporter

Calhoun County has been issued a tentative property assessment equalization factor of 1.0786, according to David Harris, director of the Illinois Department of Revenue. The equalization factor, commonly known as the "multiplier," is utilized to maintain uniformity in property assessments among counties, as mandated by law. This process is crucial as some local taxing districts extend across multiple counties. Without equalization, disparities among taxpayers with similar properties would be significant.

State law stipulates that Illinois property must be assessed at one-third of its market value. Farm property assessments differ, with homesites and dwellings following standard assessing and equalization procedures, while farmland and farm buildings rely on productivity-based standards.

The factor is calculated annually for each county by comparing the sale price of individual properties from the past three years to the assessed values assigned by the county assessor. If the three-year average assessment level aligns with one-third of market value, the factor remains at 1.0000. A higher average leads to a factor below 1.0000, while a lower average results in a factor above 1.0000.

In Calhoun County, assessments are at 30.90% of market value, based on property sales from 2021 to 2023. The current factor pertains to taxes for the year 2024, payable in 2025. Last year, the county's factor was 1.0982.

This tentative factor may change if significant adjustments are made by the County Board of Review or if compelling data is presented to adjust the Illinois Department of Revenue's estimates. A public hearing on the tentative multiplier will occur 20 to 30 days after its publication in a local newspaper.

Changes in the equalization factor do not directly affect total property tax bills. Taxes are set by local bodies based on their annual funding requests. If the requested amount does not exceed the previous year’s income, total property taxes will remain unchanged, regardless of assessment increases. The assessed value of individual property determines the share of the tax burden for a taxpayer, which is unaffected by the multiplier.