Putnam County issued tentative property assessment for 2023

Putnam County has recently been issued a tentative property assessment equalization factor of 1.0000.

The property assessment equalization factor is used to achieve uniform property assessments among counties as required by law. The current equalization factor currently being assigned is for 2023 taxes and is payable in 2024.

The equalization is important because some of the state’s 6,600 local taxing districts overlap into two or more counties, which include school districts, junior college districts, fire protection districts and more.

Assessments in Putnam County are at 32.93% of market value, based on sales of properties in 2020, 2021, and 2022. Last year’s equalization factor for Putnam County was 1.0000.

The tentative factor is subject to change if the County Board of Review takes actions which significantly affect the county assessments or if local officials or others can present data showing that the Department of Revenue’s estimates of the average level of assessments in the county should be adjusted.

The equalization factor is determined annually for each county by comparing the price of individual properties sold over the past three years to the assessed value placed on those properties by the county supervisor of assessments or a county assessor.

Under a law passed in 1975, property in Illinois should be assessed at one-third of its market value.

Farm property is assessed differently, with farm homesites and dwellings subject to regular assessing and equalization procedures, but with farmland and farm buildings assessed according to standards based on productivity.

The assessed value of an individual property determines what portion of the tax burden a specific taxpayer will assume. That individual’s portion of tax responsibility is not changed by the multiplier.