November 18, 2020 – Macon County has been issued a tentative property assessment equalization factor of 1,000, according to Director of the Illinois Department of Revenue David Harris. The property assessment equalization factor, or multiplier, is used to attain uniform property assessments among counties. This is important due to some of the state’s 6,600 local taxing districts overlap. If the equalization didn’t exist, it would result in substantial inequities between taxpayers with comparable properties.
State law currently requires property in Illinois to be assessed at 1/3 of its market value, with farm property being an exception.
The equalization factor is determined annually for each county. This is done by comparing the sales price of individual properties that have been sold over the past three years to the assessed value placed on those properties by the county supervisor of assessments or county assessor.
Assessments in Macon County are at 33.30% of market value based on sales of properties since 2017. The equalization factor for Illinois will be assigned for 2020 taxes and will be payable in 2021.
The assessed value of an individual property determines what portion of the tax burden a specific taxpayer will assume. That individual’s portion of tax responsibility is not changed by the multiplier.