Southern Illinois News

Pope County has been issued a tentative property assessment equalization factor of 1.0000, according to David Harris, director of the Illinois Department of Revenue (IDOR). The equalization factor, commonly known as the "multiplier," ensures uniform property assessments among counties, complying with legal requirements. This uniformity is crucial, especially since some of the state's 6,600 local taxing districts overlap into multiple counties, such as school districts and fire protection districts. Without equalization, there would be significant disparities among taxpayers owning similar properties.

Per state law, Illinois properties need to be assessed at one-third of their market value. However, farm properties are evaluated differently, with farm homesites and dwellings subject to normal assessment and equalization procedures. In contrast, farmland and farm buildings are assessed based on productivity standards.

Each year, the equalization factor for a county is calculated by comparing the sales prices of individual properties sold over the past three years with their assessed values, as determined by the local assessor. If the three-year average assessment level equals one-third of the market value, the factor will be 1.0000. A higher average results in a factor less than 1.0000, while a lower average results in a factor greater than 1.0000.

Assessments in Pope County represent 33.30% of market value, derived from property sales in 2021, 2022, and 2023. The current equalization factor applies to taxes for the year 2024, payable in 2025. Previously, the county's equalization factor also stood at 1.0000.

The tentative factor is open to alterations if the County Board of Review makes substantial assessment changes or if new data suggests adjustments to IDOR's assessment estimates. The tentative multiplier will be the subject of a public hearing held between 20 and 30 days after the factor is published in a widely circulated county newspaper.

Changes in the equalization factor do not equate to total property tax bill fluctuations. Tax bills are determined by local taxing bodies, depending on their annual financial requirements for citizen services. If local districts request the same amount as the previous year, total property taxes remain stable, irrespective of any assessment increases.

An individual property's assessed value decides the tax burden that a taxpayer carries. The multiplier does not alter the taxpayer's specific tax responsibility.