2 weeks Ago By Richard M. Sullivan
Residents of Edwards County can breathe a measured sigh of relief, as property tax equalization remains consistent for another year. The Illinois Department of Revenue (IDOR) has recently issued a tentative property assessment equalization factor, or "multiplier," for Edwards County, setting it at the familiar rate of 1.0000, according to a release by the State of Illinois.
The multiplier, a critical element in calculating property tax bills, ensures that assessment levels across the counties align with legal requirements.The purpose of the multiplier is to administer uniform property assessments among counties, which becomes crucial given that some local taxing districts extend into multiple counties. These districts, which include school, fire protection, and junior college districts, rely on equalized assessments to maintain fairness among taxpayers with similar properties.
Without such measures, disparities in tax burdens could significantly impact residents.Under Illinois law, property is to be assessed at one-third of its market value. As explained by IDOR Director David Harris, the equalization factor is determined each year by comparing property sales prices against the assessed values from the county assessor over three years.
This year's assessments in Edwards County are clocking in at 33.32% of market value, based on sales data from 2021 through 2023.Property tax calculations can be complex, and individual tax contributions are a product of one's specific assessed property value.
Adjustments to this value are independent of the multiplier's effect on the overall tax equation. The tentative equalization factor is not set in stone; it might change if the County Board of Review significantly alters assessments or if submitted data justifies a revision of the IDOR's assessment level estimates. A public hearing on the matter will take place within 20 to 30 days following the tentative factor's publication in a local newspaper.
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