The 2017 Cook County Equalization Factor has recently issued
By Steven Kandelman
On May 24, 2018, The Illinois Department of Revenue issued the final 2017 Cook County Equalization Factor which is 2.9627. This factor is a 5.69% increase from the 2016 equalization factor of 2.8032 which was a 5.05% increase from the 2015 equalization factor of 2.6685.
The equalization factor or multiplier is used in Cook County to make sure that the total Equalization Assessed Valuation (EAV) of real property in all 101 counties in Illinois equals 33 1/3% of fair market value. It does not mean that individual property tax bills will go up or down.[1] The next step before the second installment 2017 real estate tax bills will issue is the release of the 2017 local tax rates which will occur in the next 2-3 weeks. The 2017 second installment tax bills will be due on Wednesday, August 1st as the bills must be mailed 30 days prior to this due date.
An increase in the equalization factor from 2016 to 2017 means that the weighted average level of assessment in Cook County for all property types averaged over the past three years has decreased to 11.25%. The Illinois Department of Revenue (ILDOR) calculates the Cook County Equalization Factor or multiplier by dividing Cook County’s three-year average of 11.25 into 33.33 to arrive at the 2.9627. The 2016 three-year average was 11.89%. The 2017 ILDOR Assessment-Sales Ratio Study concluded that the three-year average level of assessment for Class 2 (Residential) property to be 9.40%, Class 3 (Apartments) property to be 6.88%; Class 5a (Commercial) property to be 22.33% and Class 5b (Industrial) property to be 21.00%.
There was a 2017 tentative multiplier issued on February 20th by the ILDOR of 2.9084. The final factor or multiplier changed because of assessment reductions granted by the Cook County Board of Review and was calculated after its 2017 session closed.[2]
The issuance of the 2017 Cook County Equalization Factor means that the release of the 2017 tax rates will be coming soon and then the 2017 second installment tax bills will be in your mailboxes by the end of month.
If you have questions regarding your real estate taxes or would like a real estate tax consultation, please call Steven Kandelman at 312-372-2500 or email him at [email protected].
[1] https://www.civicfed.org/civic-federation/blog/final-2017-cook-coounty-equalization-factor-29627
[2] “State Raises Cook County Property Tax Equalization Factor”, by Journal & Topics Media Group Staff, May 25, 2018, p. 1.
