The Illinois Department of Revenue has issued a property tax assessment equalization factor of 1 for Morgan County. 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.
Multipliers are used to assure no inequity occurs among counties with comparable properties. State law requires property in Illinois to be assessed at one-third of its market value. Farm property is assessed differently and on an almost annual basis to determine taxes. 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.
If the 3-year average level is one-third of market value, the equalization factor will be 1. If the average level is greater than one-third, the multiplier will be less than 1; and if it is less than one-third, it is greater than 1. Assessments in Morgan County are at 32.92 percent of market value, based on sales of properties in 2017, 2018, and 2019. The equalization factor currently being assigned is for 2020 taxes, payable in 2021. Last year’s equalization factor for the county was 1.024.
A change in the equalization factor does not mean total property tax bills will increase or decrease. Tax bills are determined by local taxing bodies when they request money each year to provide services to local citizens. If the amount requested by local taxing districts is not greater than the amount received in the previous year, then total property taxes will not increase even if assessments may have increased.
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.