SPRINGFIELD, Ill. -- Brown County has been issued a final property assessment equalization factor of 1.0 for 2013 taxes payable in 2014.
This means the Illinois Department of Revenue believes the county's property is being assessed at one-third of the market value.
Department Director Brian Hamer said assessments in Brown County are at 33.11 percent of market value, based on sales of properties in 2010, 2011 and 2012.
The equalization factor, or multiplier, is determined each year for each county by comparing the price of individual properties sold over the past three years with the assessed value placed on those properties by the county supervisor of assessments.
If the three-year average is one-third of the market value, the equalization factor will be 1.0. 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.
The equalization factor in Brown County last year was 1.0.
Changes in the equalization factor do not mean property tax bills will increase or decrease. Tax bills are determined by local taxing bodies when they request money each year to provide services.