BY BRIAN L. HUCHEL
The Vermilion County Board of Review is adjusting assessment values for some townships in the county.
Supervisor of Assessments Matthew Long said Friday that the adjustments are slight reductions for six areas in the county — Blount, Catlin, Danville, Grant, Newell and Oakwood townships.
According to Long, the adjustments to the assessed values are an attempt to bring the townships in line with state requirements. Illinois statutes indicate the on-average assessed value of property should be at 33 1/3 percent of the market value.
“What we’ve got right now is six of the townships are trending high,” he said. “So to bring everything back to statutory 33 1/3 percent, we’re going to reduce them by various amounts.”
The reductions will not signify any sort of windfall for residents in the six townships, Long said. The adjustments range from as low as 4.7 percent reduction in Catlin Township up to 10.5 percent reduction in Danville Township.
In addition, Blount Township will see a 6.9 percent reduction, Grant Township will receive an 8.2 percent reduction, Newell Township will get a 7.8 percent reduction and Oakwood Township will receive a 6.5 percent reduction.
Long noted farmland and farmland buildings will not be affected by the reduction, which instead includes residential, commercial and industrial classes of properties, among others. There are more than 50,000 parcels of land in Vermilion County.
The townships represent some of the more populated areas of the county.
“We’re not seeing the (value) decrease in the small rural areas like we are in the heavily populated areas,” he said. “Where you’re seeing a higher concentration of people is where values have come down.”
He added that currently rural properties appear to be more in demand.
The adjustment is based on numbers taken from trends found in the county during the last three years. Long said this is the first time the adjustments have been made in at least 20 years.
Long said the county will continue to monitor what happens this year.
“If we need to lower it a little bit next year, we’ll take that action. If we need to increase it a little bit we’ll take that action as well,” he said, adding he didn’t anticipate having to increase any.