Illinois DOR Announces 2023 Final Property Tax Multiplier for Peoria County

The Illinois Department of Revenue (DOR) March 27 announced Peoria County’s final property assessment equalization factor, also called the “multiplier,” for property tax purposes. By law, Illinois property should be assessed at one-third of its market value. The announcement includes: 1) the final equalization factor is 1.0000 for 2023 property taxes payable in 2024; 2) the equalization factor is used to achieve uniform property assessments among counties; 3) sale prices of individual properties sold in the past three years are compared to the assessed values of those properties to determine the annual multiplier for each county; 4) current assessments in ...