According to the Illinois Department of Revenue, Bond County has been issued a tentative property assessment equalization factor of 0.9763. The property assessment equalization factor, often called the “multiplier,” is the method used to achieve uniform property assessments among counties, as required by law.
State law requires property in Illinois be assessed at one-third of market value. The multiplier is determined by comparing the sales prices of individual properties sold over the past three years to the assessed value. If this three-year average level of assessment is one-third of market value, the multiplier is one (1). If the average is greater than one-third of market value, the multiplier will be less than one and if the average is less than one-third, the multiplier will be greater than one.
Assessments in Bond County are at 34.14 percent of market value, based on sales of properties in 2011, 2012, and 2013, according to the Illinois Department of Revenue. The multiplier currently assigned is for 2014 taxes payable in 2015.