East Central Reporter

Shelby County in Illinois has received a final property assessment equalization factor of 1.0000 for the year 2024. David Harris, the director of the Illinois Department of Revenue, announced the multiplier, which is a tool used to ensure uniform property assessments across counties. This uniformity is crucial for the equitable distribution of taxes, especially since many local taxing districts overlap into multiple counties.

According to a law established in 1975, property in Illinois must be assessed at one-third of its market value. However, farmland is assessed based on its agricultural economic value and is not subject to the state equalization factor. In Shelby County, assessments are currently set at 33.33% of the market value, derived from property sales between 2021 and 2023.

David Harris stated, "Last year's equalization factor for the county was 1.0000." The factor is determined by comparing the sale prices of properties over three years to their assessed values. When the three-year assessment average is exactly one-third of the market value, the multiplier is set at one.

It's important to note that a change in the equalization factor does not automatically affect total property tax bills. Tax amounts depend on the local taxing bodies and their annual financial requisitions for services. Only if local districts request an amount exceeding the previous year will tax bills potentially increase, regardless of rising property assessments.

The final multiplier was confirmed following a public hearing on the tentative factor, which was also set at 1.0000 on December 13, 2024. The assessment value of an individual property influences what share of the tax burden a taxpayer will ultimately bear. The multiplier used does not alter this individual tax responsibility.