East Central Reporter

Richland County's final property assessment equalization factor for 2024 has been established as 1.0000, Illinois Department of Revenue (IDOR) Director David Harris announced. The equalization factor, often known as the "multiplier," ensures uniform property assessments across counties in accordance with Illinois law.

This process is essential in preventing disparities among taxpayers in overlapping local taxing districts, such as school and fire protection districts. Under a 1975 law, Illinois property should be assessed at one-third of its market value. Farm property assessments follow a different procedure, and farmland is based on its agricultural economic value.

Richland County assessments stand at 33.15% of market value, averaging from property sales in 2021 to 2023. The equalization factor pertains to 2024 taxes, due in 2025. The previous year's factor was also 1.0000, finalized post a public hearing on the tentative factor issued on March 18, 2025.

The factor is determined annually, comparing property sale prices over three years to their assessed value locally. If assessment levels average to a third of market value, the factor is one. Variations above or below this proportion alter the factor accordingly.

A change in the multiplier does not directly affect property tax bills, which are determined by local taxing bodies based on their yearly financial requirements. If local districts do not increase their financial demands, tax bills remain unchanged even with assessment variations. The proportion of tax levied on an individual property in relation to the total tax burden also remains unaffected by the multiplier.