Adams County has been issued a final property tax equalization factor of 1.0 for the 2012 tax year, which will impact tax bills paid in 2013.
This indicates Adams County's property is being assessed correctly, according to Brian Hamer, director of the Illinois Department of Revenue, who announced the equalization factor, also known as a "multiplier."
State law requires property in Illinois to be assessed at one-third of its market value. According to Hamer, assessments in Adams County are at 33.36 percent of market value, based on sales of properties in 2009, 2010 and 2011.
The state's equalization factor is determined annually for each county by comparing the price of individual properties sold over the previous three years to the assessed value placed on those properties by the county's supervisor of assessments.
If the three-year average level of assessment is one-third of the market value, the equalization factor will be 1.0, Hamer said. If the average is greater than one-third of the market value, the multiplier will be less than 1.0. If the average is lower than one-third, the multiplier will be higher than 1.0.
Adams County has not had an equalization factor of more than 1.0 since 1993, because the county does its own property equalizations on a township-by-township basis, according to Supervisor of Assessments Georgene Zimmerman.
Each year, the supervisor of assessments issues equalization factors for each of the 23 townships in Adams County. This is done as part of the statewide effort to make sure all property in Illinois is assessed at one-third of its market value.
When the state subsequently reviewed the county's assessments, it found the levels prescribed by Zimmerman were in line with the state's expectations. So the state issued the 1.0 countywide multiplier.