On Tuesday, the Illinois Department of Revenue released the final multiplier for Bond County.
The multiplier is 1.0598, which is nearly a six percent increase in the overall county assessments.
A change in the multiplier does not mean total property tax bills will increase or decrease. The Depart of Revenue reports bills are determined by local taxing bodies when they request money each year. 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.
The multiplier is not applied to farm land or farm buildings.
The release of the final multiplier by the state is later than usual due to COVID-19 and that delayed the issuance of real estate tax bills in Bond County.
At this time it is not known when the bills will be mailed to property owners, but an announcement will be made by county officials once that has been determined.
The multiplier is the method used to achieve uniform property assessments among counties, as required by law. According to the Department of Revenue, assessments in Bond County are at 31.45 percent of market value, based on sales of properties in 2016, 2017 and 2018.
The multiplier of 1.0598 is being assigned to 2019 taxes, payable this year.
