The Illinois Department of Revenue has announced that the final property assessment equalization factor for Bureau County for the year 2024 is 1.0000. This factor, crucial for ensuring uniform property assessments across different counties, maintains consistency with last year’s multiplier. By law, properties are assessed at one-third of their market value, with this factor aiming to balance tax burdens without directly affecting total property tax bills.
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 increase.