Illinois Valley Times

La Salle County has received a final property assessment equalization factor of 1.0000, announced by David Harris, director of the Illinois Department of Revenue (IDOR). The equalization factor, often referred to as the "multiplier," ensures uniform property assessments across counties as mandated by law. This uniformity is crucial because many of the state's 6,600 local taxing districts extend into multiple counties, which includes school districts, junior college districts, and fire protection districts. Without equalization, taxpayers with comparable properties would experience significant inequities.

Per the 1975 law, property in Illinois is meant to be assessed at one-third of its market value. Farm properties are assessed differently; farm homesites and dwellings are subject to regular assessing and equalization, while farmland is assessed at one-third of its agricultural economic value and is not regulated by the state equalization factor.

For La Salle County, assessments account for 32.93% of market value based on property sales from 2021 to 2023. The newly assigned equalization factor applies to 2024 taxes, which are payable in 2025. The equalization factor from the previous year was also 1.0000. A public hearing on the tentative factor, issued on December 19, 2024, confirmed the final factor.

The equalization factor is determined each year for each county by comparing property sales prices over the past three years with the assesed value determined by the county supervisor of assessments or county assessor. An equalization factor of one (1) is assigned if the average level of assessment is one-third of market value. If the average assessment is higher than one-third of market value, the factor is less than one (1); if lower, the factor is greater than one (1).

Changes in the equalization factor do not imply increased or decreased total property tax bills. Tax bills are influenced by the monetary requests of local taxing bodies, which provide services to citizens. If the amount requested is not greater than what was received the previous year, then property taxes will not rise even if assessments do.

The assessed value of individual property determines the portion of the tax burden a taxpayer will carry. This individual responsibility is not altered by the multiplier.