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|Rock Island County Final Multiplier Announced|
|News Releases - Civic News & Info|
|Written by Susan Hofer|
|Wednesday, 20 March 2013 13:12|
SPRINGFIELD, IL - Rock Island County has been issued a final property assessment equalization factor of 1.0000, according to Brian Hamer, Director of the Illinois Department of Revenue.
The property assessment equalization factor, often called 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). If there were no equalization among counties, substantial inequities among taxpayers with comparable properties would result.
Under a law passed in 1975, property in Illinois should be assessed at one-third (1/3) of its market value. Farm property is assessed differently, with farm homesites and dwellings subject to regular assessing and equalization procedures, but with farmland assessed at one-third (1/3) of its agriculture economic value. Farmland is not subject to the state equalization factor.
Assessments in Rock Island County are at 33.42 percent of the market value, based on sales of properties in 2009, 2010, and 2011.
The equalization factor currently being assigned is for 2012 taxes, payable in 2013. Last year's equalization 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 October 2012 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 or county assessor.
If this three year average level of assessment is one-third 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 bills will increase or decrease. Tax bills are determined by local taxing bodies when the 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 local 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.
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