David Harris Director | Official Website
David Harris Director | Official Website
Edwards County has received a tentative property assessment equalization factor, known as a multiplier, of 1.0000. This announcement was made by David Harris, the director of the Illinois Department of Revenue (IDOR). The multiplier ensures uniform property assessments among counties, which is crucial given that many of the state's local taxing districts overlap multiple counties.
According to state law, property in Illinois must be assessed at one-third of its market value. Farm properties follow different assessment procedures, with farm homesites and dwellings undergoing regular assessments, while farmland and buildings are assessed based on productivity.
The annual determination of the equalization factor for each county involves comparing the sales price of properties sold over the past three years to their assessed value. If the three-year assessment averages one-third of market value, the factor will be 1.0000. A factor less than 1.0000 indicates the average assessment exceeds one-third of market value, while a factor greater than 1.0000 suggests the opposite.
Data from property sales in 2021, 2022, and 2023 shows assessments in Edwards County stand at 33.32% of market value. The current factor applies to 2024 taxes payable in 2025. Last year, the county also had an equalization factor of 1.0000.
The tentative factor may change if the County Board of Review takes significant actions affecting assessments or if new data is provided to request adjustments. A public hearing will occur between 20 and 30 days after the tentative factor's publication in a local newspaper.
It is important to note that changes in the equalization factor do not directly alter total property tax bills. Tax amounts depend on the annual financial requests from local taxing entities. If these requests remain unchanged from the previous year, total property taxes will not increase even with higher assessments. An individual property's assessed value determines its share of the tax burden, which is unaffected by the multiplier.
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