The McLean County supervisor of assessments said to expect property values to continue to change at a rate not seen in decades, due largely to the housing shortage.
The county assessor analyzes each of the several dozen McLean County townships individually. Tim Jorczak, who has been county assessor for over two years, said the range of value changes this year has been between 8% and 12%.
"We're in an unprecedented level of increase we haven't seen in a generation," Jorczak said in an interview on WGLT's Sound Ideas.
Jorczak said the county's overall EAV (Equalized Assessed Valuation) will likely approach last year's rate increase of 12.4%, once new construction is factored in. He estimates the county's 2024 EAV at $6.2 billion. Before the rapid changes to the housing market, Jorczak said a typical year-over-year assessment would change only 1% to 2%, if that.
“The tax that is actually collected is going to not necessarily be tied to the assessed value,” said Jorczak. “The actual taxes are driven by the spending decisions made by the local units of government.”
The office of assessment then sends its findings to state government. Pending approval, the final figures are sent to individual taxing bodies who set the property tax rate based on this data.
“We have seen a good amount of impact from the real estate market,” said Jorczak. “That’s why a lot of folks have noticed that yeah, their assessed value has increased.”
It's the tax rate set by municipalities that determines how much each property owner must pay. The increase has enabled many government bodies to bring in more tax revenue without raising tax rates.
Jorczak added that his office factors in the previous three years of sales to determine values, which means the peak of the real estate market still affects assessments today.
Jorczak also said he found similar increases in other counties when he asked other Illinois assessors.
“We’re just trying to make sure that your home’s value is reflected in your taxable assessment,” said Jorczak.
County residents still have the right to appeal a property value decision. That process, as well as general details about the assessment process, will be explained at several public information sessions across the county:
- Sept. 5, LeRoy: Living Well United Center, 209 W. Washington St.
- Sept. 9, Lexington: Lexington Community Center, 207 W. Main St.
- Sept. 10, Gridley: Gridley Community Building, 102 W. Third St. ( 7 p.m. start)
- Sept. 17, Normal: Normal Community Activity Center, 1110 Douglas St.
Each session begins at 6 p.m.
