NW Illinois News

Lee County has been assigned a final property assessment equalization factor of 1.0000, announced David Harris, director of the Illinois Department of Revenue (IDOR). The equalization factor, commonly referred to as the "multiplier," ensures uniform property assessments across counties, as mandated by law. This process addresses potential inequities among taxpayers with similar properties, especially in the state's overlapping local taxing districts.

In Illinois, according to a 1975 law, properties should be assessed at one-third of their market value. Farm properties are assessed variably, with homesites and dwellings following standard assessing and equalization procedures. Farmland assessments are based on one-third of its agricultural economic value and are not subject to the state equalization factor. Lee County assessments stand at 33.21% of market value based on sales data from 2021, 2022, and 2023. The current equalization factor relates to 2024 taxes, payable in 2025, while last year's factor was also set at 1.0000.

The final assessment factor was issued following a public hearing addressing the tentative factor initially announced on January 22, 2025, which was also 1.0000. The equalization calculation involves comparing the price of properties sold over three years to their assessed value as determined by the county assessor. If the assessment average aligns at one-third of market value, the factor equals one. Deviations above or below this mean the factor will be correspondingly adjusted.

Changes in the equalization factor do not directly affect total property tax bills. Local taxing bodies determine these bills based on annual service funding requests. If these requests do not exceed prior year amounts, property taxes remain stable despite possible assessment increases. The assessed value of individual properties dictates each taxpayer's share of the tax burden, which the multiplier does not alter.