Residents of Mason County should be aware that David Harris, director of the Illinois Department of Revenue (IDOR), has published a provisional property assessment equalization factor for 2024, which comes out to be 1.0544. In areas where taxing districts, such as school and fire protection districts, may overlap with neighboring counties, this “multiplier,” which is required to ensure that property assessments are uniform throughout counties, is a crucial component of the property taxation platform. People who live in the same house can be unfairly taxed at various rates if such steps aren’t taken.
Assessors compare county assessments to the sales price of properties sold during the last three years in order to comply with state law, which stipulates that all property in Illinois, with the exception of farm property, must be valued at a third of its market worth. Should the average be exactly one-third, the multiplier would be 1.0000. However, based on sales data gathered from 2021, 2022, and 2023, assessments in Mason County are currently at 31.61% of market value, which is slightly below than the state threshold.based on a release from the Illinois Department of Revenue.
Residents should be aware that this component is still subject to change should the County Board of Review have a major impact on the county assessments or if information is produced that suggests a recalibration is necessary before they consider it set in stone. With a public hearing scheduled for 20 to 30 days following the tentative multiplier’s publication in a county newspaper, local officials will make sure the community is informed.
It’s crucial to be clear that a shift in the equalization factor has no direct bearing on whether property tax bills increase or decrease. Local taxing bodies’ requirements, which may include offering services that address the population’s urgent needs, have an impact on these expenses. Taxpayers won’t necessarily see an increase in their bills even if the multiplier changes, unless the taxing districts request more than was collected the previous year. The IDOR’s warning that a person’s amount of tax liability isn’t changed just because of changes in the multiplier emphasizes the importance of making sure everyone bears their fair share of the tax burden.
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