Because of various state financial assistance programs which are based upon local property tax effort, the Illinois Revenue Department is mandated to equalize assessments among counties.
State law (which I helped write) says that real estate assessments have to be one-third of market value, as measured on a three-year running average.
If a county meets that standard it is issues a multiplier of one.
If it is lower, the multiplier would be one point something.
This year, McHenry County has been issued a multiplier of one.
For this year’s tax bills the county’s equalized assessed valuation is $7,526,657,241.
That includes $43,339,222 in new construction.
Last year’s (taxes paid last year) equalized assessed valuation after changes by Board of [Assessment] Review was $7,361,279,827, which included $41,075,453 in new construction.
Now that the multiplier has been issued, the County Clerk’s Office can calculate local property tax rates.