South Central Reporter

Montgomery County has been assigned a final property assessment equalization factor of 1.0000, as announced by David Harris, director of the Illinois Department of Revenue (IDOR). This measure, known as the "multiplier," is used to ensure uniform property assessments across counties, which is crucial given that some of Illinois' 6,600 local taxing districts span multiple counties.

Illinois law mandates property be assessed at one-third of its market value since 1975. Farm properties are assessed differently, with homesites and dwellings subject to regular procedures, while farmland is assessed at one-third of its agriculture economic value and not subject to state equalization. In Montgomery County, assessments are at 33.09% of market value, based on property sales from 2021 to 2023.

The current equalization factor applies to 2024 taxes, payable in 2025, and follows last year's identical factor. This final factor was set post a public hearing on the tentative factor initially issued on March 6, 2025, also at 1.0000.

The annual equalization factor for each county compares the price of sold properties over three years to assessed values determined by the county assessor. If the average assessment equals one-third of the market value, the factor is one (1). If the assessment exceeds this, the factor is less than one (1), and if it falls short, the factor exceeds one (1).

The equalization factor does not directly impact total property tax bills. Taxes are determined by local taxing entities based on their annual budget requirements. If the budget request matches the previous year's amount, total property taxes remain unchanged despite assessment variations. Individual tax bills are influenced by the assessed value of properties, determining the taxpayer's share of the tax burden, which the multiplier does not alter.