Illinois Dept. of Revenue Releases Final 2024 Cook County Equalization Factor
Yesterday the Illinois Department of Revenue released the final 2024 Cook County equalization factor. The factor (sometimes referred to as the multiplier) for 2024 is 3.0355. The tentative factor released earlier this month was 2.8487. The press release from the Department of Revenue is available here.
Cook County equalization factors for the past 16 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 |
|
2023 |
3.0163 |
|
2024 |
3.0355 |
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.
For further information, please contact any Franczek attorney.