In Illinois, property owners in Henry County can expect a balanced approach to their property assessments this year. The Illinois Department of Revenue has set the tentative property assessment equalization factor at 1.0000. This key measure is designed to ensure that property valuations across different counties are consistent, adhering to state laws that mandate properties be assessed at one-third of their market value. This move is aimed at maintaining fairness in the tax obligations met by property owners and aligning with statutory requirements for equitable taxation across the state.
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 the market value, the equalization factor will be less than one (1.0000). If the average level of assessment is less than one-third of the market value, the equalization factor will be greater than one (1.0000).
- Assessments in Henry County are at 33.35% of market value, based on sales of properties in 2021, 2022, and 2023.
- The equalization factor currently being assigned is for taxes, 2024 payable in 2025.
- Last year’s equalization factor for the county was 1.0000.