DEWITT COUNTY — DeWitt County has been issued a tentative property assessment equalization factor of 1.0000, according to Brian Hamer, Director of the Illinois Department of Revenue.
The property assessment equalization factor, often called the “multiplier,” is the method used to achieve uniform property assessments among counties as required by law. This equalization is particularly important because some of the state’s 6,600 local taxing districts overlap into two or more counties (e.g. school districts, junior college districts, fire protection districts). If there were no equalization among counties, substantial inequities among taxpayers with comparable properties would result.
State law requires property in Illinois to be assessed at one-third (1/3) of its market value. Farm property is assessed differently, with farm homesites and dwellings subject to regular assessing and equalization procedures but with farmland and farm buildings assessed according to standards based on productivity.For the complete article see the 02-15-2013 issue.
Click here to purchase an electronic version of the 02-15-2013 paper.