SPRINGFIELD – Carroll County recently was issued a property assessment equalization factor, or multiplier, of 1.0000, according to Constance Beard, Director of the Illinois Department of Revenue.
In a news release, Terry Horstman with the IDR said the factor is the method used to achieve uniform property assessments among counties as required by law.
Under a 1875 state law, property in Illinois should be assessed at a third of its market value. Assessments in Carroll County are at 33.51 percent of market value, based on property sales in 2014, 2015, and 2016.
The tentative factor issued in in December was 1.0000. A change in the equalization factor does not mean total property tax bills will increase or decrease; rather, local taxing bodies determine tax bills when they request money each year to provide services to local citizens.