Peoria County has received a final property assessment equalization factor of 1.0000 for 2025, according to David Harris, director of the Illinois Department of Revenue (IDOR). The equalization factor, or “multiplier,” is used to ensure that property assessments are uniform across counties in Illinois. This process is important because many local taxing districts, such as school and fire protection districts, span more than one county.
Illinois law requires most property to be assessed at one-third of its market value. Farm properties are treated differently: homesites and dwellings on farms follow standard assessment procedures, while farmland itself is assessed at one-third of its agricultural economic value and does not use the state equalization factor.
For Peoria County, assessments are currently at 33.30% of market value based on sales from 2022 through 2024. The assigned equalization factor applies to taxes due in 2026. Last year’s multiplier was also set at 1.0000.
The final multiplier was determined after a public hearing followed the tentative announcement on October 23, 2025. Each year, IDOR calculates the multiplier by comparing sale prices over three years with the values set by local assessors.
If the average level of assessment matches one-third of market value over three years, the multiplier remains at one. If assessments exceed this ratio, the multiplier drops below one; if they fall short, it rises above one.
A change in the equalization factor does not automatically alter total property tax bills for residents. Tax bills depend on how much money local taxing bodies request each year for services. Even if property assessments increase, overall taxes will not rise unless local agencies seek additional funds.
An individual property’s assessed value determines what share of taxes a taxpayer pays within their district; this proportion does not change because of the multiplier.
The Illinois Department of Revenue manages state tax laws and revenue collection and provides financial information efficiently while aiming for fairness and accuracy as described on its official website. The agency also works to foster diversity and equity among employees and customers according to its official site.
