Greene County Maintains Equal Property Tax Multiplier at 1.0000, Ensuring Stable Tax Distribution Amongst Illinois Residents
Residents of Greene County can take a breath of fiscal familiarity as the Illinois Department of Revenue (IDOR) announced that the county's property assessment equalization factor, also known as the "multiplier", remains at a steady 1.0000 for the current year. David Harris, the director of IDOR, disclosed this figure, noting its significance in maintaining equity across various local taxing districts that have a tendency to span multiple counties. This move is aimed at ensuring a balanced distribution of tax obligations among property owners.
In a state where property must be assessed at one-third of its actual market value, per a 1975 law, farm properties hold a unique place in the tax code. Green County's farmland is assessed not at this standard rate, but rather at one-third of its agricultural economic value, and is exempt from the state's equalization factor. Meanwhile, the assessment for the rest of Greene County's properties averages out at 33.36% of market value, reflecting data from the sale of properties in the past three years through 2020, 2021, and 2022, according to www.illinois.gov.
The static multiplier, consistent with last year's factor, was solidified after a public hearing on the tentative factor proposed earlier in the year. An annual exercise, the multiplier's determination is pivotal as it compares individual property sale prices over the past three years with the assessed valuation put forth by the county's assessor. The goal is to hit that golden ratio: one-third of market value means a multiplier of one (1). Slide above or below that benchmark, and the multiplier adjusts accordingly to rebalance the scales.
However, an unchanged equalization factor doesn't automatically translate to identical property tax bills for residents. The actual tax amounts hinge on the financial appetites of local taxing bodies, which vary year by year based on their budgetary needs. The crux of the matter is that, even if assessments fluctuate, total taxes may remain the same if the money requested by these districts does not surpass the prior year's revenue. The multiplier's role, it seems, is less about dictating the total tax bill and more about apportioning the weight each taxpayer carries, with the aim of equitable distribution across the board.
For those nestled within the borders of Greene County, this news means the facing of a steady horizon, at least where property tax responsibilities are concerned. It's a small, but certain assurance that despite the many variables in local governance and finance, some things remain unchanged.
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