SE Illinois News

Wayne County has received a tentative property assessment equalization factor of 1.0000, as announced by David Harris, director of the Illinois Department of Revenue (IDOR). This factor, commonly referred to as the "multiplier," is a tool used to ensure uniform property assessments across counties, which is mandated by law. The equalization is crucial because several of Illinois' 6,600 local taxing districts, like school districts and fire protection districts, extend over multiple counties. Without this adjustment, inequities among taxpayers with similar properties would occur.

In Illinois, property is expected to be assessed at one-third of its market value. Farm properties are assessed under different standards. For non-farm properties, the equalization factor for each county is established annually by comparing property sales prices over the past three years with the assessed values by county officials.

The calculation shows that assessments in Wayne County are 33.27% of market value, derived from property sales in 2021, 2022, and 2023. This equalization factor applies to the 2024 taxes, which will be payable in 2025. The county's previous equalizing factor was 1.0293.

However, the tentative factor may change if the County Board of Review makes significant adjustments affecting county assessments or if new data is submitted suggesting alterations to IDOR's assessment estimates. A public hearing will occur between 20 and 30 days after the factor's publication in a local newspaper.

Changes in the equalization factor do not inherently cause property tax bills to change. Property taxes are set by local entities when they budget for citizen services. If the requested amounts do not exceed the previous year's, total property taxes will remain stable even if individual assessments rise. The specific assessed value of a property decides how tax responsibilities are divided among taxpayers, unaffected by the multiplier.