Does farm land receive a multiplier based on sales of farm property?

No. Farm Land assessments are based on economic value as established by the State Farmland Assessments Committee and certified to the counties by the Illinois Department of Revenue. Land soil types are increased or decreased by state factors of no more than 10% change per year. Farm homes and home sites are assessed just like any other residential property and are subject to the same equalization factors and multipliers.

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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?