By Andi Anderson

The Illinois Department of Revenue (IDOR) has announced the final property assessment equalization factor for Mercer County, setting it at 1.0000. This equalization factor, often referred to as the "multiplier," plays a crucial role in achieving uniform property assessments across counties, as mandated by law.

The equalization factor is essential for ensuring fairness in property taxation, especially in regions where local taxing districts overlap into multiple counties. Without equalization, disparities among taxpayers with similar properties would arise, leading to inequitable tax burdens.

Under Illinois law, property should be assessed at one-third of its market value, with farm property subject to specific assessment procedures. Mercer County's assessments, based on property sales data from 2020, 2021, and 2022, are currently set at 33.33% of market value.

The final equalization factor for 2023 taxes, payable in 2024, was determined following a public hearing on the tentative factor. The tentative factor, issued earlier, remained unchanged at 1.0000.

The equalization factor is calculated annually by comparing the sale prices of properties over the past three years to their assessed values. If the average assessment level aligns with one-third of market value, the equalization factor will be one (1). Deviations from this threshold result in factors either greater or less than one.

Importantly, changes in the equalization factor do not directly impact total property tax bills. Tax amounts are determined by local taxing bodies based on budgetary needs. If requested funds do not exceed previous allocations, property taxes remain stable regardless of assessment fluctuations.

Individual property assessments determine each taxpayer's share of the tax burden, unaffected by the multiplier. The equalization factor ensures fairness and consistency in property taxation, supporting equitable distribution of tax responsibilities among Mercer County residents.

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