Chambana Sun

Piatt County has received a tentative property assessment equalization factor of 1.0000 for 2025, according to David Harris, director of the Illinois Department of Revenue (IDOR). The equalization factor, also known as the multiplier, is used to ensure that property assessments are uniform across counties in Illinois.

This process is necessary because some of the state's approximately 6,600 local taxing districts extend into more than one county. Without equalization, taxpayers with similar properties in different counties could face significant differences in tax burdens.

State law mandates that most property in Illinois be assessed at one-third of its market value. Farm homesites and dwellings follow regular assessing and equalization procedures, while farmland and farm buildings are assessed using standards based on productivity.

The annual equalization factor for each county is determined by comparing sales prices of individual properties over the past three years to their assessed values. If the average assessment matches one-third of market value, the multiplier is set at 1.0000. If assessments exceed or fall below this threshold, the multiplier adjusts accordingly.

In Piatt County, assessments currently stand at 33.23% of market value based on property sales from 2022 through 2024. The newly assigned tentative factor applies to taxes for 2025, payable in 2026. Last year’s multiplier was also set at 1.0000.

David Harris stated: "The property assessment equalization factor, often called the 'multiplier,' is the method used to achieve uniform property assessments among counties, as required by law. This equalization is particularly important because some of the state's 6,600 local taxing districts overlap into two or more counties (e.g., school districts, junior college districts, fire protection districts). If there was no equalization among counties, substantial inequities among taxpayers with comparable properties would result."

He further explained: "If the three-year average level of assessment is one-third of market value, the equalization factor will be one (1.0000). If the average level of assessment is greater than one-third of market value, the equalization factor will be less than one (1.0000). And if the average level of assessment is less than one-third of market value, the equalization factor will be greater than one (1.0000)."

Harris also clarified: "A change in the equalization factor does not mean total property tax bills will increase or decrease. Tax bills are determined by local taxing bodies when they request money each year to provide services to local citizens. If the amount requested by local taxing districts is not greater than the amount received in the previous year, then total property taxes will not increase even if assessments may have increased."

The tentative multiplier could change if actions taken by the County Board of Review significantly affect county assessments or if new data indicates IDOR's estimates should be adjusted. A public hearing regarding this tentative multiplier will take place between 20 and 30 days after its publication in a county newspaper.

Individual tax bills are ultimately determined by how much funding local taxing bodies request annually for public services rather than changes solely due to reassessment or adjustment in multipliers.

The assessed value determines an individual's share of total tax responsibility within a district; however, this proportion does not shift as a result of applying a new multiplier.