Randolph County has been issued a final property assessment equalization factor of 1.0422, according to David Harris, 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 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 of its agriculture economic value. Farmland is not subject to the state equalization factor.
For more on the Randolph County multiplier, please see this week’s print edition.