Christian County has received a final property assessment equalization factor of 1.000 from the Illinois Department of Revenue.
The so-called multiplier was set following a public hearing on the 1.000 tentative factor, which was issued in December.
The equalization factor is applicable to 2016 taxes, payable in 2017, and is a slight reduction from the county's 2015 multiplier of 1.0215. A change in the multiplier value does not result in an increase or decrease in property taxes.
The multiplier value is applied to assessed property values to determine an equalized assessed value. County officials determine the total property tax revenue needed to fund necessary services to citizens, and the countywide equalized assessed value is used by county officials to determine the necessary tax rate needed to reach its revenue goal.
The most recent assessment/sales ratio study -- a review of assessed values compared with actual property sales during 2013-15 -- shows that Christian County assessed values are 33.03 percent of market value, resulting in a 1.0 multiplier.
State law requires property in Illinois to be assessed at one-third of market value. If a regularly performed ratio study shows that assessments are either higher or lower than 33.03 percent, an equalization factor/multiplier is calculated and applied to non-farm property to bring the level of assessment to 33 1/3 percent. Farmland assessments are set at one-third of the property’s agricultural economic value, without the application of the multiplier. Farming home sites and dwellings are subject to the equalization factor.
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