Property tax bills should arrive soon, county gets multiplier, state will release tax info soon

Hancock County has been issued a final 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. Receiving this equalization factor is an important step in finalizing tax bills for the county.

County Treasurer Kris Pilkington said that after the multiplier is established by the state, she will normally receive the tax bills within two weeks.

“People are calling, concerned because the tax bills are late this year,” she said. “I can't send them out until this multiplier is set and information is received from the state.”

Pilkington said the first due date must be 30 days after the bills are sent out (not when they are received at the taxpayers home). The second date is set based on requirements to meet several other taxation statutes and must be before the end of the county fiscal year Nov. 30.

According to County Clerk Kerry Asbridge, the tax bills have been calculated. He expects them to be printed and mailed by approximately Aug. 22.

Asbridge noted that there are several reasons tax bills are late this summer. The 2007 tax bills are due in 2008 in Illinois.

“First 2007 was a quadrennial assessment year which demanded more work from assessors and the board of review,” Asbridge said. “Second, new computer software was purchased in late February from Devnet for real estate tax assessments and billing. The transition took additional time.

“Third, low quality internet service made remote downloads and technical support slow and difficult. These are the three major reasons tax billing is late. The internet service was improved by switching the provider to Media Com on Aug. 1, 2008. Media Com bored underground for about 400 feet from south of the old jail to the courthouse to install a line. This allowed for tax billing to proceed.”

Equalization of property is done 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.

Under a law passed in 1975, property in Illinois should 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 assessed at one-third of its agriculture economic value. Farmland is not subject to the state equalization factor.

Assessments in Hancock County are at 33.41 percent of market value, based on sales of properties in 2004, 2005, and 2006.

The equalization factor currently being assigned is for 2007 taxes, payable in 2008. Last year's equalization factor for the county was also 1.0000.

The final assessment equalization factor was issued after a public hearing on the tentative factor. The tentative factor issued in April 2008 was 1.0000.

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/county assessor.

If this three-year average level of assessment is one-third of the 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).

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 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.