NW Illinois News

The Illinois Department of Revenue has issued a tentative property assessment equalization factor of 1.0335 for Jo Daviess County, according to David Harris, director of the department.

The property assessment equalization factor, also known as the "multiplier," is used to standardize property assessments across counties in Illinois. This process ensures uniformity in property assessments, which is required by law. Uniform assessments are especially important because many of the state's 6,600 local taxing districts overlap multiple counties, such as school and fire protection districts. Without this equalization, taxpayers with similar properties could face significant disparities in their tax obligations.

Illinois law mandates that most property be assessed at one-third of its market value. However, farm properties are handled differently: while farm homesites and dwellings follow regular assessment procedures, farmland and farm buildings are assessed based on productivity standards.

The equalization factor for each county is determined annually by comparing the sales prices of properties sold over the past three years to their assessed values set by local officials. If the average level of assessment matches one-third of market value, the multiplier is set at 1.0000. If assessments exceed this level, the multiplier falls below 1.0000; if they are lower, it rises above 1.0000.

For Jo Daviess County, recent data from property sales in 2022 through 2024 shows that assessments are at 32.25% of market value. The new tentative multiplier will apply to taxes due in 2026 for the 2025 tax year. Last year’s multiplier for Jo Daviess County was set at 1.0000.

According to state officials, “A change in the equalization factor does not mean total property tax bills will increase or decrease. Tax bills are determined by local taxing bodies when they request money each year to provide services to local citizens. If the amount requested by local taxing districts is not greater than the amount received in the previous year, then total property taxes will not increase even if assessments may have increased.”

Additionally, “The assessed value of an individual property determines what portion of the tax burden a specific taxpayer will assume. That individual's portion of tax responsibility is not changed by the multiplier.”

The tentative multiplier may be revised if actions taken by the County Board of Review significantly affect county assessments or if new data suggests IDOR’s estimates should be adjusted. A public hearing on this tentative factor will be held between 20 and 30 days after its publication in a county newspaper.