2022 Cook County Final Multiplier or Equalization Factor Set
The Illinois Department of Revenue announced a final 2022 Cook County Equalization Factor of 2.9237 on September 5, 2023. This final 2022 Cook County Equalization Factor is 7.37% higher than the tentative 2022 Cook County Equalization Factor of 2.7230. Every year, the Illinois Department of Revenue is legally required to calculate the equalization factor to achieve uniform property assessments throughout the state.
The 2022 Cook County Equalization Factor or multiplier of 2.9237 is a 2.63% decrease from the final 2021 Cook County Equalization Factor of 3.0027. The Cook County Clerk’s Office – Tax Extension Department is now finalizing the 2022 local tax rates and then the 2022 second installment tax bills will issue. The Cook County Board has issued a press release that they anticipate the second installment tax bills will issue by November 1, 2023 with a December 1, 2023 due date.
In its press release, the Illinois Department of Revenue stated the average three-year level of assessment is 9.16% for Class 2 (residential) properties, 7.77% for Class 3 (apartment) properties, 23.78% for Class 5a (commercial) properties and 25.51% for Class 5b (industrial) properties. The three-year average level of assessments (weighted by class) for Cook County property is 11.40%. The Illinois Department of Revenue calculates the final Cook County Equalization Factor or Multiplier by dividing Cook County’s 33.33 level of assessment into the three-year average of 11.40 to calculate the final equalization factor of 2.7297.
If the median level of assessment for all property in the county varies from the 33 1/3 percent level of assessment required by law, an equalization factor is assigned to bring assessment to the legally mandated level by the Illinois Property Tax Code.