DECATUR (Heartland Newsfeed) — The tentative state equalization factor for property assessments in Macon County remains unchanged from last year – 1.000.
The county’s property assessment equalization factor, commonly known as the multiplier, applies to 2017 taxes payable in 2018, Illinois Department of Revenue Director Constance Beard said in a release.
The equalization factor is computed by comparing individual properties’ sales prices over the recent three-year period with the assessed value of the properties as determined by the county, the release said.
Non-farm property in Illinois is assessed at one-third its market value, as required by state law. An equilization factor of 1.0 means the average level of assessment over the three-year period is one-third the market value. A factor greater than 1.0 means the average assessment is less than one-third the market value, with a factor lower than 1.0 signifying a higher-than one-third assessment average in the same period, the release said.
The equilization factor attempts to eliminate taxpayer inequities among counties.
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