Vermilion County has received some good news regarding local property taxes. The county has been issued a final property assessment equalization factor of 1.0000 by the Illinois Department of Revenue.
The equalization factor – often called the ‘tax multiplier’ – is the method used to achieve uniform property assessments among counties, as required by law.
Counties strive to get a 1.0000 factor. The equalization is particularly important because some of the state’s 6,600 local taxing districts overlap to two or more counties – such as school districts, community college districts and fire districts. If there were no equalization among counties, substantial inequities among taxpayers with comparable properties would result.
Assessments in Vermilion County are at 33.45 percent of market value, based on sales of properties in 2016, 2017, and 2018. The equalization factor currently being assigned is for 2019 taxes which are payable this year. Last year the equalization factor for the county was also 1.0000.
The equalization factor is determined annually for each county by comparing the 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.
