Property Tax Balance Maintained in Piatt County with State Equalization Factor Steady at 1.0000

Piatt County homeowners may find relief in knowing that their property assessment equalization factor remains steady, with the Illinois Department of Revenue issuing a tentative multiplier of 1.0000 for the upcoming tax year. In a release obtained by

the Illinois Department of Revenue,

Director David Harris announced the consistency of the multiplier, designed to standardize property assessments and ensure fairness across counties.

Such measures are critical in light of Illinois’ 6,600 local taxing districts, many of which span multiple counties. Without such an equalization factor in place, residents could face significant disparities in their tax bills, particularly for similar properties. This year’s equalization factor follows last year’s pattern, which was also set at 1.0000 indicating, a maintained balance in assessment practices.

By comparing the sales price of individual properties sold in 2021, 2022, and 2023 against their assessed county value, the state ensures that properties are assessed at one-third of their market value. Piatt County’s assessments clocked in at 33.06% of market value, justifying the 1.0000 figure for the year. This review process highlights the government’s commitment to equity, with farm property receiving a unique assessment treatment based on productivity rather than market value.

The implications of the equalization factor extend beyond state-required uniformity; they directly affect Piatt County’s tax bills, payable in 2025. Yet, a change in the multiplier does not intrinsically signal a rise or drop in total property taxes. These bills twist and turn based on the dollar amounts local taxing bodies call for each year, which fund indispensable services for the community. The Illinois Department of Revenue emphasized that “A change in the equalization factor does not mean total property tax bills will increase or decrease.”

The 1.0000 tentative factor is not set in stone; adjustments can follow if the County Board of Review implements significant changes to assessments, or if new data surfaces, warranting a revision of the county’s assessment averages. A public hearing will peel back the curtains on these figures, slated to occur 20 to 30 days after publication in a countywide newspaper. Ultimately, while individual property assessments carve out the tax slice each taxpayer must bear, the multiplier itself does not alter these proportions of responsibility.

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