Lawrence County assessment equalization finalized

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(DLC MEDIA)  Lawrence County has been issued a final property assessment equalization factor of 1.0168, according to Constance Beard, Director of the Illinois Department of Revenue. The property assessment equalization factor, often called the “multiplier”, is the method used to achieve uniform property assessments among counties, as required by law.  State law requires property in Illinois to be assessed at one-third (1/3) of its market value. Farm property is assessed differently, with farm home sites and dwellings subject to regular assessing and equalization procedures, but with farmland and farm buildings assessed according to standards based on productivity. Assessments in Lawrence County are at 32.78 percent of market value, based on sales of properties in 2013, 2014, and 2015. The equalization factor currently being assigned is for 2016 taxes, payable in 2017.  The final assessment equalization factor was issued after a public hearing on the tentative factor.