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State releases final Kendall County property tax multiplier · Kendall County News - Shaw Local

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  Speaker 1: State releases final Kendall County property tax multiplier written by
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  Speaker 1: Judy Harvey. This article is being read by an automated
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  Speaker 1: voice brought to you by Everlett. Kendall County has been
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  Speaker 1: issued its final property assessment equalization factor of one point
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  Speaker 1: zero zero zero zero zero. Illinois Department of Revenue Director
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  Speaker 1: David Harris said the property assessment equalization factor, commonly called
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  Speaker 1: the multiplier, is used to ensure uniform property assessments among
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  Speaker 1: Illinois counties as required by state law. Equalization is important
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  Speaker 1: because many of the state's sixty six hundred local taxing districts,
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  Speaker 1: such as school fire protection and junior college districts, overlap
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  Speaker 1: county lines. According to the announcement from the Illinois Department
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  Speaker 1: of Revenue, Without equalization, tax payers with comparable properties in
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  Speaker 1: different counties could face inequitable tax burdens. According to the release,
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  Speaker 1: the final assessment equalization factor was issued after a public
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  Speaker 1: hearing was held on the tentative factor, which was at
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  Speaker 1: one point zero zero zero zero, and released on October two.
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  Speaker 1: Illinois law requires property to be assessed at one third
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  Speaker 1: of its market value. Farm property is assessed differently with
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  Speaker 1: home sites and dwellings subject to regular assessing and equalization procedures,
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  Speaker 1: while farmland and farm buildings are valued according to productivity
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  Speaker 1: based standards. According to the release, the annual equalization factor
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  Speaker 1: is determined by comparing the sales prices of properties sold
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  Speaker 1: over the past three years with the assessed values set
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  Speaker 1: by the County Supervisor of Assessments or County assessor. When
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  Speaker 1: three year average level of assessment equals one third of
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  Speaker 1: market value, the factor is one point zero zero zero zero.
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  Speaker 1: Assessments in Kendall County are currently at thirty three forty
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  Speaker 1: six percent of market value based on sales from twenty
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  Speaker 1: twenty two, twenty twenty three, and twenty twenty four. The
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  Speaker 1: final multiplier factor applies to twenty twenty five taxes payable
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  Speaker 1: in twenty twenty six. Last year's equalization factor for Kendall
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  Speaker 1: County also was one points zero zero zero. A change
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  Speaker 1: in the equalization factor does not necessarily mean property tax
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  Speaker 1: bills will rise or fall. Tax bills are based on
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  Speaker 1: the levees set by local taxing bodies. If those levees
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  Speaker 1: remain unchanged from the previous year, total property taxes will
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  Speaker 1: not increase, even if assessments do. The equalization factor only
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  Speaker 1: affects how property values are standardized across counties. It does
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  Speaker 1: not alter an individual taxpayer's proportionate share of the overall
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  Speaker 1: tax burden. According to the release,