Kendall County announces 2023 final multiplier for property tax bills

Kendall County has been issued a final property assessment equalization factor of 1.0000, said David Harris, 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 – school districts, junior college districts, fire protection districts. If there was no equalization among counties, substantial inequities among taxpayers with comparable properties would result, according to a news release from the county.

The equalization factor currently being assigned is for 2023 taxes, payable in 2024. Last year’s equalization factor for the county was 1.0000, according to the release.

The final assessment equalization factor was issued after a public hearing on the tentative factor. The tentative factor issued on Oct. 26, 2023, was 1.0000, according to the release.

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.

Under a law passed in 1975, property in Illinois should be assessed at 1/3 of its market value. Farm property is assessed differently with farm homesites and dwellings subject to regular assessing and equalization procedures. Farmland is assessed at 1/3 of its agriculture economic value and not subject to the state equalization factor. Assessments in Kendall County are at 33.31% of market value, based on sales of properties in 2020, 2021 and 2022.

According to the release from the county, if the 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. 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, according to the county.

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.