What is Property Assessment Equalization?

A lot of questions have come up about LeRoy’s recent McLean County property assessment and the multiplier that was applied to it.  We would like to provide a basic explanation for what occurred and also provide access to a more detailed explanation for those interested. 

Each year, the Illinois Department of Revenue evaluates property values compared to actual property sales.  When those numbers are unusually out of tolerance, the IDR directs the county assessor to apply a multiplier to equalize those numbers.   As we all know, property sales rates in LeRoy and McLean County have increased significantly in recent years.  Based on IDR equalization formulas, property sale prices are out of tolerance of their assessed value.  So recent property assessments had a multiplier of 9%.  

It has become a given that our property values grow annually, which is positive for our community and county.  We also understand that growth in value increases tax liability.  As a district, just as we bear responsibility for informing constituents of tax money use, we believe we bear some responsibility to ensure our community understands the assessing and taxing process as much as possible.  We are committed to transparency and want the value of our district to be correct.  The closer our values are to the right number, the more predictable our financial forecasting will be.  

If you would like a more detailed explanation of the equalization process, follow the link below.  

What is Equalization?

Jeff Baughman