Prairie State Wire

Wabash County has received a final property assessment equalization factor of 1.0000 for the 2024 tax year, according to David Harris, director of the Illinois Department of Revenue (IDOR).

The property assessment equalization factor, also known as the "multiplier," is used to ensure that property assessments are uniform across counties in Illinois. This process is important because many of the state's 6,600 local taxing districts, such as school and fire protection districts, span more than one county. Without this equalization, taxpayers with similar properties could face significant differences in their tax burdens.

David Harris explained the purpose and calculation of the multiplier: "The property assessment equalization factor, often called the 'multiplier,' is the method used to achieve uniform property assessments among counties, as required by law. This equalization is particularly important because some of the state's 6,600 local taxing districts overlap into two or more counties (e.g., school districts, junior college districts, fire protection districts). If there was no equalization among counties, substantial inequities among taxpayers with comparable properties would result."

Illinois law requires that most property be assessed at one-third of its market value. However, farm property is assessed differently; farm homesites and dwellings follow regular procedures while farmland itself is valued at one-third of its agricultural economic value and does not use the state multiplier.

For Wabash County, assessments are currently at 33.33% of market value based on sales data from 2021 through 2023. The assigned equalization factor applies to taxes payable in 2025. Last year’s factor for Wabash County was also set at 1.0000.

Before finalizing this year’s multiplier, a public hearing was held regarding the tentative factor issued on August 19, 2025. The tentative and final factors were both set at 1.0000.

Each year, IDOR determines the appropriate multiplier for every county by comparing sale prices from recent years with assessed values determined by local officials. When average assessments align with one-third of market value over three years, the multiplier remains at one; if assessments are higher or lower than this benchmark, adjustments are made accordingly.

A change in the equalization factor does not directly impact total property tax bills for residents. Instead, those bills depend on how much funding local governments request each year for services provided to citizens. Even if property assessments rise due to a new multiplier, overall taxes will not increase unless local taxing bodies seek additional revenue.

The portion of taxes paid by an individual homeowner depends on their property's assessed value relative to others in their district—a share that remains unaffected by changes in the county's multiplier.