Perry County real estate tax multiplier hits target
Perry County has been issued a final property assessment equalization factor of 1.0000, according to Brian Hamer, Director of the Illinois Department of Revenue.
No date has been set for the issuance of 2013 real estate tax bills, but it is expected soon.
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 ewer no equalization among counties, substantial inequities among taxpayers with comparable properties would result.
Assessments in Perry County are at 33.28 percent of 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 factor for Perry County was 1.0000.
The final assessment equalization factor was issued after a public hearing on the tentative factor. The tentative factor issued in March 2012 was 1.0000.
The equalization factor is determined annually for each county by comparing the sales 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 market value, the equalization factor will be one. If the average level of assessment is greater than one-third of market value, the equalization factor will be less than one. And if the average level of assessment is less than one-third of market value, the equalization factor will be greater than one.
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.