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Vermilion County Tentative Multiplier Announced

SPRINGFIELD, IL, - Vermilion County has been issued
              a tentative property assessment equalization factor
              of 1.0000, according to Brian Hamer, Director of the
              Illinois Department of Revenue.

The property assessment equalization factor, often
              called the “multiplier”, is the method used to
              achieve uniform property assessments among counties,
              as required by law.  This equalization is
              particularly important because some of the state’s
              6,600 local taxing districts overlap into two or more
              counties (e.g. school districts, junior college
              districts, fire protection districts).  If there were
              no equalization among counties, substantial
              inequities among taxpayers with comparable properties
              would result.
                State law requires property in Illinois to be
              assessed at one-third (1/3) of its market value.
              Farm property is assessed differently, with farm
              homesites and dwellings subject to regular assessing
              and equalization procedures, but with farmland and
              farm buildings assessed according to standards based
              on productivity.
                The equalization factor is determined annually for
              each county by comparing the sales price of
              individual properties sold over the past three years
              to the assessed value placed on those properties by
              the county supervisor of assessments/county assessor.
                If this three-year average level of assessment is
              one-third of market value, the equalization factor
              will be one (1).  If the average level of assessment
              is greater than one-third of market value, the
              equalization factor will be less than one (1).  And
              if the average level of assessment is less than
              one-third of market value, the equalization factor
              will be greater than one (1).
                Assessments in Vermilion County are at 33.30
              percent of market value, based on sales of properties
              in 2010, 2011, and 2012.
                                    -more-
                        996**13


              AD 1
                The equalization factor currently being assigned is
              for 2013 taxes, payable in 2014.
                Last year’s equalization factor for the county was
              1.0000.
                The tentative factor is subject to change (1) if
              the County Board of Review takes actions which
              significantly affect the county assessments or (2) if
              local officials or others can present data showing
              that the Department of Revenue’s estimates of the
              average level of assessments in the county should be
              adjusted.  A public hearing on the tentative
              multiplier will be held between 20 and 30 days after
              the tentative factor is published in a newspaper of
              general circulation within the county.
                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.  If the amou
              nt 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 may have increased.
                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.
              -30-
              This e-mail is a service of the State of Illinois.
              If you have any questions about this e-mail or the
              attached document, please contact the Illinois Office
              of Communication and Information (IOCI), Room 611,
              Stratton Office Building, Springfield, Illinois
              62706, (217) 558-1548.

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