For Immediate Release Contact: Susan Hofer
August 24, 2009 312.814.8197
Cook County Final Multiplier Announced
SPRINGFIELD – The Illinois Department of Revenue announces the final 2008 equalization factor of 2.9786 for Cook County. The department is required by law to calculate the factor, also called the multiplier, to achieve uniform property assessment throughout the state. The 2007 final equalization factor was 2.8439.
The department determines the final equalization factor for each county by comparing the actual selling price of individual properties, over a three-year period, with the assessed value placed on those properties by the county assessor and adjusted by the board of review. If the median level of assessment for all property in the county varies from the 33 1/3 percent level required by law, an equalization factor is assigned to bring assessments to the legally mandated level.
A tentative equalization factor of 2.9058 was issued on July 14, 2009. The final factor is different than the tentative factor because of assessment reductions by the Cook County Board of Review.
The three-year average level of assessments (weighted by class) for Cook County property was 11.19 percent. The department calculated the multiplier to bring the average level of assessments to the required 33 1/3 percent level by dividing Cook County’s three-year average of 11.19 into 33.33.
After taking into account the assessment changes by the board of review, the levels of assessment are as follows: