Iroquois and Vermilion County have been issued a final property assessment equalization factors of 1.0000 by the Illinois Department of Revenue.

The Department of Revenue says assessments in both counties are at just over 33 percent of market value, based on sales of properties in 2014, 2015 and 2016.

The property assessment equalization factor – often called the ‘’multiplier’’ – is the method used to achieve uniform property assessments among counties, as required by law.

The factor is particularly important because some of the state’s 6,600 local taxing districts overlap into two or more counties. They include such districts as school and community college districts and fire protection districts.
Constance Beard, Director of the Illinois Department of Revenue, says if there were no equalization among counties, substantial inequities among taxpayers with comparable properties would result.

Under Illinois law, property should be assessed at one-third of its market value. Farm property is assessed differently and is not subject to the state equalization factor.

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