Assessor Batteau's staff hits 1.0000 real estate multiplier target again

Perry County has been issued a revised tentative property assessment equalization factor of 1.0000, according to Brian Hamer, Director of the Illinois Department of Revenue.

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 to be assessed at one-third of its market value. Farm property is assessed differently, with farm home sites and dwellings subject to regular assessing and equalization procedures, but with farmland and farm buildings assessed according to standards based on productivity.

The equalization factor is determined annually for each county by comparing the sales 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.

If this three-year average level of assessment is one-third of market value, the equalization factor will be one. If the average level of assessment is greater than one-third of market value, the equalization factor will be less than one. And if the average level of assessment is less than one-third of market value, the equalization factor will be greater than one.

Assessments in Perry County are at 33.28 percent of market value, based on sales of properties in 2009, 2010 and 2011.

The equalization factor currently being assigned is for 2012 taxes, payable in 2013.

Last year's equalization factor for Perry County was 1.0000.

The tentative factor is subject to change if the County Board of Review takes actions which significantly affect the county assessments.