The Illinois Department of Revenue has issued Marion County a final property assessment equalization factor of 1.0.
That means the property assessments as earlier figured by Supervisor of Assessments Mark Miller will not change.
Miller earlier announced he was raising the non-farmland assessments seven percent on all but Salem Township which received a 4.6-percent increase. Those multipliers will replace a 3.8-percent county-wide multiplier applied by the state on last year’s property tax bills that will come off.
Miller says the increases in assessment are needed to bring the county’s level of assessment up to a third of the actual worth of the property. He says the county’s assessments had fallen below what is acceptable to the State Department of Revenue due to the rapid rise in sales prices of homes in 2018, 2019, and 2020.
A change in the equalization factor does not mean total property tax bills will increase or decrease. 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 increase.
The assessed value of an individual property determines what portion of the tax burden a specific taxpayer will assume. That individual’s portion of tax responsibility is not changed by the multiplier.
Miller says the tax bill cycle is on track for property tax bills to once again be issued in early June with first installment payments due in late July and second installment payments due in late September.
