The Illinois Department of Revenue has issued Marion County a final property assessment equalization factor that will increase non-farmland assessments in the county on this year’s property tax bills by 3.8-percent. However, the final impact on tax bills will be dependent on tax levies from the various taxing districts and tax cap limitations.
Marion County Supervisor of Assessments Mark Miller earlier said the multiplier was the result of the increased sale prices being paid on county homes. The state reports Marion County property is current assessed at only 32.11 percent of market value based on sales of properties in 2017, 2018, and 2019. The multiplier will raise the assessed valuations to the 33 and a third percent required by state law.
Farm property is assessed differently and the multiplier is NOT applied. However, farm homesites and dwellings are subject to regular assessing and equalization procedures.
Any needed multiplier is determined annually and does not remain on property taxes for more than one year.
This article corrects that the tax bills THIS year are impacted by the multiplier.
