Macon County property owners can rest easier knowing that the 2024 property assessment equalization factor has been set at 1.0000, a move announced by David Harris,Director of the Illinois Department of Revenue (IDOR). This equalization factor ensures uniformity in property assessments across counties, a key component of the state’s property tax system, designed to correct disparities in taxing districts that span multiple counties.
The setting of the equalization factor comes after a ratio study comparing actual property sales to the county-assessed values from 2021 to 2023. This study showed that Macon County’s assessments are at 33.47% of market value, aligning with state law requiring properties to be assessed at one-third of their market value.
While the multiplier at 1.0000 indicates stable property assessments, local factors such as changes in assessments by the County Board of Review or arguments for adjustments could still impact final assessments. Additionally, tax bills may fluctuate based on the budgetary needs of local taxing bodies like schools and fire districts, not solely on property assessments. However, the IDOR press release suggests that if the requested budgets do not exceed last year’s, property taxes should remain largely unchanged.
A public hearing will be scheduled within 20 to 30 days after the publication of the tentative multiplier in a local newspaper, offering the public an opportunity for input on the matter.
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