The Illinois Department of Revenue recently issued a tentative property assessment equalization factor of 1.000 for Woodford County for 2017 property taxes payable in 2018.
The property assessment equalization factor, also know as the multiplier, is used to achieve uniform property assessments among counties, a Revenue Department release said. State law requires property in Illinois to be assessed at one-third of its market value.
The multiplier is determined by comparing the sales price of properties sold within the last three years to the assessed value of the properties, the release said.
In Woodford County, like many counties in Illinois, local taxing districts overlap into multiple counties, which would result in taxpayers paying different taxes for comparable properties.The multiplier is implemented in order eliminate those inequities.
Last year, the multiplier for Woodford County also was 1.000.
The only way this tentative multiplier would change is if the County Board of Review’s actions affects the county assessments or local officials find reason to believe the multiplier should be adjusted, the release said.
This multiplier only applies to individual properties and not farm properties, which are assessed based on productivity standards.
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