McHenry County Gets Multiplier of One

Tax in billsBecause 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.


Comments

McHenry County Gets Multiplier of One — 5 Comments

  1. The percentage increase in EAV is 2.2%.

    $7,526,657,241 – $7,361,279,827 = $165,377,414.

    $165,377,414 / $7,361,279,827 = 2.2%.

    ================

    The percentage increase in new construction EAV is 5.5%.

  2. The state just Issued multiplier today

    the Clerk needs the multiplier to finalize the tax

  3. Conservative, isn’t a multiplier of 1 in essence no multiplier? (X * 1 = X)

  4. The issue is not the definition of a multiplier.

    The issue is why is it taking so long for the Clerk to post the reports?

    Inquiring minds want to know.

    First we had the problem with the ‘sample ballots’ being late and now we have the tax computation reports being late.

    If the multiplier was just issued today, how did Bob Ross know what it would be on April 1?

    How did the Clerk in Kane County know what it would be when he posted the tax computation reports over a week ago?

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