Carbondale Reporter

The Illinois Department of Revenue (IDOR) announced a tentative property assessment equalization factor of 1.0874 for Williamson County. This figure, commonly referred to as the “multiplier,” ensures uniform property assessments across counties, aligning with state law requirements.

David Harris, director of IDOR, emphasized the necessity of equalization due to the overlap of some of the state's 6,600 local taxing districts across multiple counties, including school districts and fire protection districts. Without this equalization, inequities could arise between taxpayers with similar properties.

In Illinois, properties are generally assessed at one-third of their market value. Farm properties have different assessment criteria, with farm homesites and dwellings undergoing regular assessing and equalization procedures, while farmland and farm buildings are evaluated based on productivity.

The equalization factor is calculated annually by comparing the sales price of properties over the past three years to their assessed values, as determined by the county assessor. If the three-year average assessment corresponds to one-third of the market value, the equalization factor is set at 1.0000. Variations above or below this threshold lead to adjustments in the factor.

Assessments in Williamson County are currently at 30.65% of market value, based on property sales in 2021, 2022, and 2023. The new factor will apply to taxes in 2024, payable in 2025. The previous year’s factor was 1.0300.

This tentative factor may be altered if significant assessment changes are made by the County Board of Review or if new data is presented that challenges IDOR's estimates. A public hearing will be conducted 20 to 30 days after the tentative factor's publication in local newspapers.

The adjustment of the equalization factor does not directly correlate with changes in total property tax bills. Local taxing bodies determine tax bills through their annual financial requisitions, which are independent of property assessments. As stated, "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 assessed value of an individual property determines the specific tax burden a taxpayer bears, unaffected by changes in the multiplier.