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Peoria County Tentative Multiplier Announced

Peoria County Tentative Multiplier Announced
Peoria County has issued a tentative property assessment equalization factor of 1, according to Brian Hamer, Illinois Department of Revenue Director. The property assessment equalization factor, often called the multiplier, is the method used to achieve uniform property assessments among counties, as required by law. This equalization is important because some of the state's 6600 local taxing districts overlap into two or more counties. State law requires property in Illinois to be assessed at one third of its market value. The equalization factor is determined each year 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. Assessments in Peoria County are at 33.15 percent of market value, based on sales of properties in 2010, 2011 and 2012. The tentative factor is subject to change if the County Board of Review takes actions which significantly affect the county assessments or if local officials or others can present data showing the Department of Revenue's estimates of the average level of assessments in the county should be adjusted.
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