As your real estate attorney, I want to ensure you’re well-informed about the recent changes in property tax assessments that could impact your home buying and selling decisions. The Illinois Department of Revenue has set a final 2023 property tax equalization factor for Cook County at 3.0163. Here’s what you need to know:
What is the Multiplier?
The equalization factor, or multiplier, is designed to ensure that property assessments are uniform across Illinois. It adjusts the total assessed value of properties to meet the statutory requirement of 33 1/3 percent of fair market value. This is crucial for addressing disparities in property values that arise from differing local assessment practices.
How is it Calculated?
For Cook County, the multiplier was determined by examining property sales over three years and comparing sale prices to assessed values. The average level of assessment in Cook County was found to be 11.05%, which necessitated the 3.0163 multiplier to achieve the required 33 1/3 percent level.
Impact on Property Owners
It’s important to understand that the equalization factor itself does not directly increase your tax bill. Instead, it standardizes assessments so that tax burdens are fairly distributed. Local taxing bodies set tax rates based on their revenue needs, and the multiplier ensures that property values are assessed consistently across the county.
What This Means for You
Staying informed about these changes helps you understand potential tax implications and property valuations during your real estate transactions. As your attorney, I am here to help you navigate these complexities and ensure you are making informed decisions.
For more detailed information, you can refer to the official press release here.
The Law Office of Beth Mann, P.C. 