Supervisor of assessments says 'positive multipliers' expected as assessed values lag sales; board-review appointment announced

Chad Jones, Peoria County supervisor of assessments, told the county board the office is midway through the assessment cycle and expects positive multipliers for 2025, payable in 2026, because assessed values are lagging recent sales.

"We will have positive multipliers again this year because our assessed values are not keeping up with sale prices," Jones said, explaining that the state’s sales-ratio study and local township assessor changes factor into the multiplier decision. He added that Springfield performs the sales-ratio study using the previous three years of sales compared with assessed values and that the county then evaluates township assessor changes to set its multiplier.

The nut graf: a multiplier will adjust assessed values relative to market sales; Jones urged property owners to check exemptions now because seniors and many disabled veterans must renew annually to retain tax benefits.

Jones said the office sends reminder notices when expected renewals have not been received and told the board, "They have to renew them every year," referring to certain senior and disabled-veteran exemptions. He also reported a staffing change for the county’s board review panel: "Joshua Smith resigned from the board review and Patrick O'Shaughnessy was appointed to the board review," and he described O'Shaughnessy as having prior experience on the panel.

The assessment update was informational; no board action was taken. Jones invited residents with questions about exemptions to review their tax bills and to contact the assessor’s office for renewal information.