Galesburg Reporter

Knox County has received a tentative property assessment equalization factor of 1.0000 for the year 2025, according to David Harris, director of the Illinois Department of Revenue (IDOR).

The property assessment equalization factor, known as the "multiplier," is used to ensure uniform property assessments across counties in Illinois. This process helps prevent tax inequities among taxpayers with similar properties, especially in areas where local taxing districts, such as school or fire protection districts, cross county lines.

According to state law, Illinois properties are generally assessed at one-third of their market value. Farm properties are treated differently, with homesites and dwellings following regular procedures, while farmland and farm buildings are assessed based on productivity.

The IDOR determines the equalization factor annually by comparing the sales prices of properties sold over the previous three years with their assessed values. If the three-year average level of assessment matches one-third of market value, the multiplier is set at 1.0000. If assessments are above or below this level, the multiplier is adjusted accordingly.

For Knox County, assessments are currently at 33.40% of market value based on sales from 2022, 2023, and 2024. The new multiplier will apply to taxes for 2025, payable in 2026. Last year's multiplier was also 1.0000.

The tentative multiplier could change if the County Board of Review takes significant action affecting assessments or if new data is presented that would warrant an adjustment. A public hearing on the multiplier will take place between 20 and 30 days after its publication in a county newspaper.

A change in the multiplier does not directly impact total property tax bills. Tax bills are determined by local taxing bodies based on their annual funding requests. If these requests do not exceed those from the previous year, total property taxes will not rise even if assessments increase. The assessed value of each property determines the share of taxes an individual taxpayer pays, but this share is not changed by the multiplier.

"SPRINGFIELD, IL, Knox 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)."