According to David Harris, director of the Illinois Department of Revenue (IDOR), the Illinois Department of Revenue has issued a tentative property assessment equalization factor of 1.0000 for Bureau County for 2024, aiming to maintain uniform property assessments across counties. This ensures fair tax distribution among properties and supports local taxing districts. The final multiplier may change pending a public hearing and further review.
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 Bureau County are at 33.40% 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.
