SPRINGFIELD — Jefferson County has been issued a final property assessment equalization factor of 1.0000, according to Constance Beard, Director of the Illinois Department of Revenue. 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 were no equalization among counties, substantial inequities among taxpayers with comparable properties would result. Assessments in Jefferson County are at 32.85 percent of market value, based on sales of properties in 2013, 2014, and 2015. The equalization factor currently being assigned is for 2016 taxes, payable in 2017.
Last year’s equalization factor for the 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 2017 was 1.0000. The equalization factor is determined annually for each county by comparing the price of individual properties sold over the past three years to the assessed value placed on those properties by the county supervisor of assessments. 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.