County’s Equalization Factor 1.0000 For 30th Straight Year! (And Why That’s a Good Thing)
- Editor’s Note: This article was written by Kane County Supervisor of Assessments Mark Armstrong, with a few, very minor tweaks by Kane County Connects editor Rick Nagel. You can read his popular “Ask Mark” articles by clicking this link.
Last month, I reported how the 2017 Kane County Assessment Roll was certified to County Clerk Cunningham on Jan. 12, 2018. On Feb. 5, 2018, the Illinois Department of Revenue certified an equalization factor of 1.0000 for Kane County’s 2017 (payable 2018) assessment roll, which means that the department certifies that no further changes are needed to the assessment roll for this year.
Thanks to the hard work, dedication, and commitment from each township assessor, deputy supervisor of assessments, and Board of Review member, this is the 30th consecutive year that Kane County has received an equalization factor of 1.0000.
Why is that important for Kane County residents?
An equalization factor of 1.0000 from the Illinois Department of Revenue means two things:
- After equalization by the Supervisor of Assessments, the county’s assessment roll is within 1 percent of the state-mandated level of 33.33 percent as of Jan. 1, 2017, based on sales in 2014, 2015, and 2016; and
- The aggregate value changes made by the Board of Review, weighted by classification,did not exceed 1 percent of the aggregate equalized assessed valuation.
This should NOT be taken to mean that any individual property’s valuation has been judged correct. An equalization factor is the result of a macroscopic analysis, and will not reflect any single individual parcel.
In layman’s terms, what it means is that Kane County property is being assessed fairly, accurately and doesn’t need changes or adjustments. Over 30 straight years, it’s quite an achievement. (In case you couldn’t tell, this is the sentence Nagel added.)
“This is, as always, truly a team effort, and it could not have been done without each township assessor, deputy supervisor of assessments, and Board of Review member,” Armstrong said.
Monthly Production Report
The monthly and year-to-date summaries of work performed by the Kane County Assessment Office during the previous month (and the same month from the prior year) are as follows: