The Illinois Department of Revenue has announced Vermilion County has been issued a tentative property assessment equalization factor of 1.000. The factor – which is often called the ‘multiplier’ – is the method used to achieve uniform property assessments among counties as required by law. Counties strive to get a 1.000 rating.
The equalization is particularly important because some of the state’ 6,600 local taxing districts overlap into two or more counties (such as school districts, community college districts, and fire protection districts.)
State law requires property in Illinois to be assessed at one-third of its market value. Farm property is assessed differently, with farm home sites and dwellings subject to regular assessing and equalization procedures, but with farmland and farm buildings assessed according to standards based on productivity.
Assessments in Vermilion County are at 33.45 percent of market value, based on sales of properties in 2016, 2017, and 2018.