Kane County has been issued a final property assessment equalization factor of 1.0000, Constance Beard, director of the Illinois Department of Revenue, stated in a news release.
The property assessment equalization factor, often called the multiplier, is the method used to achieve uniform property assessments among counties, as required by law.
Assessments in Kane County are at 33.32 percent of market value, based on sales of properties in 2014, 2015 and 2016.
The equalization factor currently being assigned is for 2017 taxes, payable in 2018.
Last year's equalization factor for the county was 1.0000.
The final assessment equalization factor was issued after a public hearing on the tentative factor.
The tentative factor issued in September 2017 was 1.0000, the release stated.
This equalization is particularly important because some of the state's 6,600 local taxing districts overlap into two or more counties, such as school districts, junior college districts and fire protection districts.
If there were no equalization among counties, substantial inequities among taxpayers with comparable properties would result, the release stated.
Under a law passed in 1975, property in Illinois should be assessed at one-third of its market value.
Farm property is assessed differently and is not subject to the state equalization factor.
The equalization factor is determined annually for each county by comparing the price of individual properties sold over the past three years to the assessed value placed on those properties by the county supervisor of assessments or county assessor, the release stated.
If this three-year average level of assessment is one-third of the market value, the equalization factor will be one.
If the average level of assessment is greater than one-third of market value, the equalization factor will be less than one.
And if the average level of assessment is less than one-third of market value, the equalization factor will be greater than one.
A change in the equalization factor does not mean total property tax bills will increase or decrease.
Tax bills are determined by local taxing bodies when they request money each year to provide services to local citizens, the release stated.
If the amount requested by local taxing districts is not greater than the amount received in the previous year, then total property taxes will not increase even if assessments increase.
The assessed value of an individual property determines what portion of the tax burden a specific taxpayer will assume. That individual's portion of tax responsibility is not changed by the multiplier.