The Illinois Department of Revenue has released the final 2020 property assessment factor or multiplier for Bond County.
The multiplier is 1.0734. That is higher than last year’s number of 1.0598.
The multiplier is the factor used to achieve uniform property assessments among counties, as required by law.
Under a 1975 state law, property in Illinois should be assessed at one-third of its market value. Farmland is not subject to the equalization factor.
Assessments in Bond County are at 31.05 percent of fair market value, based on sales of property in 2017, 2018 and 2019. The new equalization factor is for 2020 taxes to be paid this year.
According to the Department of Revenue, 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 citizens.
If the amount requested is not greater than the amount received in the previous year, total property taxes will not increase, even if assessments increase.
