Peoria Standard

Tazewell County has received a tentative property assessment equalization factor of 1.0000, according to David Harris, director of the Illinois Department of Revenue (IDOR). The equalization factor, also known as the "multiplier," is used to ensure that property assessments are uniform across counties in Illinois.

This process is important because many of the state's approximately 6,600 local taxing districts, such as school districts and fire protection districts, span more than one county. Without equalization, taxpayers with similar properties in different counties could face unequal tax burdens.

Illinois law requires most property to be assessed at one-third of its market value. However, farm property is treated differently: homesites and dwellings on farms follow regular assessing procedures, while farmland and farm buildings are assessed based on productivity standards.

The annual equalization factor for each county is calculated by comparing the sales prices of properties sold over the previous three years to their assessed values as determined by local assessors. If the average level of assessment matches one-third of market value, the multiplier is set at 1.0000. If assessments are higher or lower than this benchmark, the multiplier will adjust accordingly.

For Tazewell County, assessments currently stand at 33.23% of market value based on property sales from 2022 through 2024. The tentative multiplier applies to taxes for 2025, which will be payable in 2026. Last year’s equalization factor was also 1.0000.

The tentative factor may change if the County Board of Review takes significant actions affecting assessments or if new data suggests IDOR's estimates should be revised. A public hearing will take place between 20 and 30 days after publication of the tentative multiplier in a local newspaper.

"A change in the equalization factor does not mean total property tax bills will increase or decrease," according to IDOR. "Tax bills are determined by local taxing bodies when they request money each year to provide services to local citizens. If the amount requested by local taxing districts is not greater than the amount received in the previous year, then total property taxes will not increase even if assessments may have increased."

The assessed value determines an individual taxpayer's share of the overall tax burden but does not alter that share due to changes in the multiplier.