Vermilion County Issued Tentative Tax Multiplier

Vermilion County Issued Tentative Tax Multiplier

Vermilion County has been assigned a new tentative property equalization factor of 1.0000, according to the Illinois Department of Revenue.

The factor is often called the tax ‘multiplier’, and is the method used to achieve uniform property assessments among counties, as required by law.  The equalization is particularly important because some of the state’s 6,600 local taxing districts overlap into two or more counties — such as community college and fire districts.

Counties strive to get an equalization factor of 1.0000.  The equalization factor is determined annually 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 or county assessor.

Assessments in Vermilion County are at 33.30 percent of market value, based on sales of properties in 2015, 2016, and 2017.

Last year’s equalization factor for Vermilion County was also 1.0000.

A change in the equalization factor does not mean total property tax bills will increase or decrease.  Tax bills are determined by local taxing bodies when they request money each year to provide services to local citizens.