What information is used for these studies?

The Illinois Department of Revenue requires forms (Real Estate Transfer Declarations) to be filed with the County Recorder's Office when sales of property take place. These forms contain information on the sale and must be signed by the buyers and sellers of the property.

When the sales are determined by the Department of Revenue to be "arm's length" (advertised in the open market with neither party forced to buy or sell), they are compared to the assessment applied by the local assessor from the year prior, resulting in a sales ratio. The Department then adjusts the results of the ratios by adjustments assessors and multipliers have made to prior year assessments.

These adjustments are made because State law defines one-third of market value assessments as being based on one-third of market value for the three prior years.

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1. What is an equalization factor (multiplier)?
2. Why does state law require equalization factors?
3. Who does these studies?
4. What information is used for these studies?
5. What years sales will be used for 2016 assessments?
6. What factors influence equalization factors (multipliers)?
7. What happens if township equalization factors (multipliers) are not applied at the county level?
8. Does an equalization factor automatically increase or decrease taxes?
9. Does an increase in equalization factor usually result in an increase in an individual’s tax bill?
10. How do I know if an equalization factor has been applied to my property?
11. Does farm land receive a multiplier based on sales of farm property?
12. If I have additional questions?