Equalization

Equalization is the process of adjusting the median assessment in each township to the State mandated level of thirty-three and one-third. Simply put, real property, except farm, 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. 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