The Illinois Department of Revenue has added a 2.62-percent multiplier to the 2024 Marion County property tax bills that are expected to be mailed in June.
The multiplier is on top of a 7-percent multiplier earlier issued by the Marion County Supervisor of Assessments Mark Miller. Miller had hoped the seven percent increase would be enough, but sales ratios for the past three years indicated an additional multiplier needed to be added to bring the county’s assessed valuation to 33 and a third percent of the total value.
The multiplier covers residential and commercial property, but not farmland that is accessed via a different method.
Miller says the additional state multiplier is another result of rapidly rising home values. He notes the prices continue to skyrocket due to lack of inventory and increased prices of building materials that are limiting the construction of new homes.
The state imposed multiplier is for the 2024 taxing year only while the seven-percent county imposed multiplier will remain in place for future years.
Miller emphasizes the addition of the multipliers will not raise taxes themselves. That would occur if taxing bodies seek additional property tax revenue in their levies.
Meanwhile, Miller has announced the Board of Review had 178 requests for lower assessed values this year. Just under 100 had a change made while the assessments were kept the same on the other 80.
