The Illinois Department of Revenue announced that Grundy County’s property assessment equalization factor has been set at 1.0000.

This is according to David Harris, the director of the Illinois Department of Revenue. This factor, according to the news release, is a method used to achieve uniform property assessments among counties.

According to the news release, state law requires Illinois properties to be assessed at one-third of their market value. Farm property is assessed differently, with farm homesites and dwellings subject to regular assessment and equalization. Farmland and farm buildings are assessed according to productivity standards.

The equilization factor has not changed over last year, according to the news release.

The equalization factor is determined annually for each county by comparing the price of individual properties sold over the past three years to the assessed value placed on those properties by the county supervisor of assessments/county assessor.

“A change in the equalization factor does not mean total property tax bills will increase or decrease,” according to the news release. “Tax bills are determined by local taxing bodies when they request money each year to provide services to local citizens. If the amount requested by local taxing districts is not greater than the amount received in the previous year, then total property taxes will not increase even if assessments may have increased.”

According to the news release, the assessed value of a property determines what portion of the tax burden a specific taxpayer will assume, and that doesn’t change with the multiplier.