The Illinois Department of Revenue announced on Mar. 11 that McHenry County has been assigned a final property assessment equalization factor, or multiplier, of 1.0000 for the 2025 tax year, payable in 2026. David Harris, director of the department, said this decision follows a public hearing and is based on property sales from 2022 to 2024.
The equalization factor is used to ensure uniform property assessments across counties in Illinois. This process is important because many local taxing districts overlap county lines, and without equalization, taxpayers with similar properties could face unequal tax burdens. The law requires most properties in Illinois to be assessed at one-third of their market value; farmland is assessed differently and not subject to the state multiplier.
Harris said assessments in McHenry County are currently at 33.33% of market value. The tentative factor issued earlier this year was also set at 1.0000. The department determines the annual multiplier by comparing recent sale prices with assessed values over three years. If the average assessment matches one-third of market value, the factor remains at one; if it is higher or lower than that benchmark, the factor adjusts accordingly.
A change in the equalization factor does not automatically affect total property tax bills for residents. Local taxing bodies determine tax bills based on their funding requests each year. Even if assessments rise, taxes will only increase if local governments request more funds than they did previously.
The Illinois Department of Revenue works to foster an inclusive environment that values diversity and equity for employees and customers, as stated on its official site. The agency focuses on fairly administering state tax laws and efficiently collecting revenues while providing accurate and timely information, according to its official website. It also serves as a state agency dedicated to promoting diversity and equity in its operations according to its official site.
The department oversees collection of state taxes and delivers reliable financial information according to its official website, operating within state taxation and revenue management as detailed on its official website.
