On Thursday, the Illinois Department of Revenue announced the annual Henry County Multiplier, a final property assessment equalization factor. According to IDR Director David Harris the 2022 property assessment equalization factor is 1.0000. The “multiplier”, is the method used to achieve uniform property assessments among counties, as required by law. This equalization is particularly important because some of the state’s 6,600 local taxing districts overlap into two or more counties (e.g. school districts, junior college districts, fire protection districts). According to Mr. Harris, ‘if there were no equalization among counties, substantial inequities among taxpayers with comparable properties would result.’
Assessments in Henry County are at 33.33 percent of market value, based on sales of properties in 2019, 2020, and 2021. The equalization factor currently being assigned is for 2022 taxes, payable in 2023. Last year’s equalization factor for the county was 1.0000. The final assessment equalization factor was issued after a public hearing on the tentative factor. The tentative factor issued in December 2022 was 1.0000. The equalization factor is determined annually for each county by comparing the price of individual properties sold over the past three years to the assessed value placed on those properties by the county supervisor of assessments/county assessor.
If this three-year average level of assessment is one-third of the market value, the equalization factor will be one (1). If the average level of assessment is greater than one-third of market value, the equalization factor will be less than one (1). And if the average level of assessment is less than one-third of market value, the equalization factor will be greater than one (1). 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.
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.