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Table 2, Urban-Weighted Median Ratios

Urban-weighted assessment levels are calculated using township aggregate assessment totals in conjunction with the median levels. This process ensures that each township’s median level of assessment has an impact on the countywide figure in proportion to the relative market value of its property.

The urban-weighted assessment level is used in the computation of the state equalization factor. Before that factor is calculated, an adjustment is made to the ratio to account for any significant changes in assessments made by local assessing officials since the data was collected.

The steps in the weighting procedure are shown below. The aggregate assessed values for each category or area are obtained from the abstract of assessments, submitted by the county clerk after final action by the board of review, but prior to state equalization. To prevent bias, any parcels having assessments greater than $999,999 are not included in the weighting process. The remaining assessed values are divided by the corresponding median ratio to obtain an estimated full market value of real estate for each category or area. The assessed values are added to a county urban total and then divided by the sum of the estimated full values. The result is an urban-weighted median that represents the best estimate of the average assessment level for urban property in the county.

Steps in the weighting procedure

(Amounts reported in thousands)

Area Assessed value Median ratio Estimated full value

Urban township 1

$1,648

25.00%

$6,592

Urban township 2

$10,450

31.62%

$33,049

All other urban townships

$3,105

28.75%

$10,800

Urban total

$15,203

$50,441

Urban weighted ratio:          $15,203 ÷ $50,441 x 100% = 30.14%