In the constantly changing financial contexts of the U.S., a tentative property assessment equalization factor, or "multiplier," has been proposed for Lake County, Illinois. The Illinois Department of Revenue announced that the equalization factor for 2023 is 1.0000, which is the same as last year.
The legal requirement in Illinois is for property to be assessed at one-third of its market value and this "multiplier" seeks to provide consistency across county property assessments, averting considerable tax differences for similar properties. David Harris, Director of the Illinois Department of Revenue, emphasizes the importance of this factor, as it helps prevent inconsistencies from arising in areas such as school, junior college, and fire protection districts, spanning several counties.
The annual determination of these factors accounts for various considerations, such as comparing property sell prices over three years and their assessed values by the county assessor. The factor stays the same at one if the average assessment level equals one-third of market value, and changes only if this level is either higher or lower than the one-third market value threshold.
For Lake County, the current assessments stand at 33.30% of market value, an average based on property sales from 2020-2022. It is important to realize the tentative multiplier for 2023 taxes, due in 2024, could still be susceptible to changes as dictated by actions of the County Board of Review, or if additional data is submitted by local officials or interested parties aiming to alter the Department of Revenue's estimate of average county assessments to adjust.
A public hearing is expected 20-30 days following the tentative multiplier's publication in a local newspaper. Though changes in the equalization factors do not directly affect overall property tax bills, these changes determine an individual's tax responsibility relative to the local authorities' demanded taxes.
