Putnam County recently was 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 is used to achieve uniform property assessments among counties as required by law. The equalization factor currently being assigned is for 2023 taxes, payable in 2024.
The equalization is important because some of the state’s 6,600 local taxing districts overlap into two or more counties, which include school districts, junior college districts, fire protection districts and more.
Assessments in Putnam County are currently at 32.93% of the market value, based on sales of properties in 2020, 2021 and 2022.
Last year’s equalization factor for Putnam County was 1.0000. The final assessment equalization factor was issued after a public hearing on the tentative factor. The tentative factor that was issued in August was 1.0000.
The equalization factor is determined annually for each county by comparing the price of individual properties sold over the past three years with the assessed value placed on those properties by the county supervisor of assessments or a county assessor.
Under a law passed in 1975, property in Illinois should be assessed at one-third of its market value.
Farm property is assessed differently, with farm homesites and dwellings subject to regular assessing and equalization procedures, but with farmland assessed at one-third of its agriculture economic value. Farmland is not subjected to the state equalization factor.
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.