Township assessors are supposed to assess property on the average of one-third of market value as defined by a three-year average.
If a comparison of assessments to sales prices do not show that to be the result, the Supervisor of Assessments increases (decreases are possible) all assessments by a constant.
I just received a notice of the imposition of a township multiplier of 4.48%.
I’m not freaking out because, other things being equal, tax rates will decrease by approximately the same percentage.
The other things that need to stay equal is the amount of money being levied by tax districts, which remain to be seen.