2022 Cook County Equalization Factor Released
Today the Illinois Department of Revenue released the 2022 Cook County equalization factor. The 2022 factor (sometimes referred to as the multiplier) is 2.9237. The tentative factor released in June was 2.7230, so the final factor is 7% higher than the initial projection and 3% lower than the 2021 multiplier of 3.0027. The Department of Revenue issued a press release with additional background information.
The equalization factor arrives as Cook County taxing districts are looking at a second year in a row with a late second installment due date. According to a July press release from Cook County, second installment property tax bills are expected to be released by November 1 with a December 1 due date.
Cook County equalization factors for the past 14 years (since 2009 when the Classification Ordinance was amended to change the levels of assessment for all classes of property to either 10% or 25%) are set forth in the table below.
|
Tax Year |
Final Multiplier |
|
2009 |
3.3701 |
|
2010 |
3.3000 |
|
2011 |
2.9706 |
|
2012 |
2.8056 |
|
2013 |
2.6621 |
|
2014 |
2.7253 |
|
2015 |
2.6685 |
|
2016 |
2.8032 |
|
2017 |
2.9627 |
|
2018 |
2.9109 |
|
2019 |
2.9160 |
|
2020 |
3.2234 |
|
2021 |
3.0027 |
|
2022 |
2.9237 |
The Property Tax Code requires the Department to issue a multiplier that, when applied to the assessed value of all property in a county (except for specially assessed property such as farmland), will result in the aggregate assessed value of all property in the County being 33.33% of the property’s fair cash value. This equalization of assessed values is accomplished by comparing recorded sales prices to assessed values for the three prior years, and it is done to implement property tax limitations and certain state funding programs fairly.