Equalization Adjustment Process
About the Process
Equalization is the process of adjusting the median assessment in each township to the state mandated level of 33 1/3. Simply put, real property, except farm property, should be assessed at one-third of the market value as of January 1 of the tax year.
A home that sells for $100,000 in Bloomington should be assessed the same as a similar home in Chenoa, Saybrook, Heyworth, or Danvers.
Setting & Adjusting Property Values
The local assessor is responsible for setting the value of individual properties. The supervisor of assessments adjusts the whole group of properties so that the median, the middle value when arrayed from high to low, is assessed at one-third of market value.
For More Information
If you have any questions or would like more details, please contact the Assessor's Office at (309) 888-5130.