A tentative property tax assessment multiplier released yesterday indicated DuPage County is "doing a good job of making assessments," according to an official from the Illinois Department of Revenue.
The property assessment equalization factor or "multiplier" is used by the state as a way to equalize property taxes among counties, a news release from the department said.
According to the department website, once the tax rates for all taxing bodies, such as cities, counties, school districts and park districts, are set, county clerks must assign different tax code areas across their jurisdiction depending on which taxing bodies apply to specific property areas.
"You can have two houses that are in the same school district, but in different fire protection districts," said Susan Hofer, a department spokesperson.
State law requires that a property be assessed at one-third of its market value.
The equalization factor is determined annually by comparing the sales price of individual properties sold during the last three years to the assessed value placed on them by the county assessor, according to the department's website.
If the county clerk has successfully assessed to that value, their property tax assessment multiplier is a 1.0000 – DuPage County's rate for the second straight year. In fact, the county's rates are currently at 33.32 percent of market value, the release said.
However, these numbers are not final, Hofer stressed. The DuPage County Board of Review can take action to significantly affect the county assessment or additional information can be presented to the department, the release said.
A public hearing about the tentative multiplier will be held in the next 20 to 30 days, according to the release.