David Harris Commissioner of Revenue at Illinois Department of Revenue | Illinois Department of Revenue
David Harris Commissioner of Revenue at Illinois Department of Revenue | Illinois Department of Revenue
Warren County has been issued a final property assessment equalization factor of 1.0000, as announced by David Harris, director of the Illinois Department of Revenue. The equalization factor, also known as the "multiplier," ensures uniform property assessments across counties, which is mandated by law.
"The property assessment equalization factor, often called the 'multiplier,' is the method used to achieve uniform property assessments among counties, as required by law," explained David Harris. This process is crucial to prevent disparities among taxpayers in districts that span multiple counties.
By law, property in Illinois must be assessed at one-third (1/3) of its market value. However, farm property assessments differ. Farm homesites and dwellings follow standard procedures, while farmland is assessed at one-third of its agricultural economic value and not subject to the state equalization factor.
Assessments in Warren County currently stand at 33.59% of market value, based on sales from 2021 to 2023. The present equalization factor applies to the 2024 taxes, which will be payable in 2025, consistent with last year's factor of 1.0000. This determination follows a public hearing on the tentative factor issued on March 5, 2025, which was also set at 1.0000.
The equalization factor is set annually by comparing the three-year sales prices of individual properties to their assessed values by the county's assessment body. The factor adjusts to maintain assessments at one-third of market value, with variations causing factors less or greater than one.
Alterations in the equalization factor do not directly affect overall property tax bills. These bills are determined by local taxing authorities based on the funds they request to provide public services. If their funding requests do not exceed the prior year's amount, total property taxes will remain stable despite assessment changes.
Finally, the assessed value of a property dictates the tax portion a taxpayer owes, unaffected by the multiplier.
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