2 weeks Ago By Richard M. Sullivan
Residents of Morgan County can expect a slight adjustment in their property assessment equalization factor for the year 2024, reveals David Harris, director of the Illinois Department of Revenue (IDOR). The new multiplier is set at 0.9829, a notch below the previous year's equalization factor of 1.
0000. This figure, also known as the "multiplier," is key to ensuring uniform property assessments across the state's various counties and is essential for keeping tax burdens equitable among taxpayers with properties of similar value, especially within local taxing districts that span multiple counties. According to the Illinois government's announcement , a public hearing was held after the tentative factor of 0.
9678 was issued on February 27, 2025, resulting in the final determination of the multiplier. The factor is crafted to align property assessments at one-third of market value, a state requirement since 1975. In Morgan County, assessments currently stand at 33.
91% of market value, derived from property sales data collected in the years 2021, 2022, and 2023. It's important to note that the change in the equalization factor does not directly affect the total tax bill a property owner may face. Local taxing bodies determine tax bills based on the funding they require to deliver services to the community.
If the amount they request is on par with what was received in the previous year, property taxes will not increase even with heightened assessments. The multiplier's role is to ensure that each taxpayer shoulders a fair share of the tax burden relative to the market value of their property. For a county's multiplier to be set at one (1), the average level of assessment over a three-year span must equal one-third of the market value.
If the assessment level is above this ratio, the multiplier will be under one; conversely, if the level is below the ratio, the multiplier will exceed one, as detailed by the IDOR. The goal is to maintain fairness and uniformity in tax liabilities across the state, regardless of local variances in property value assessments..
