The Illinois Department of Revenue has announced the 2018 Cook County Final State Multiplier at 2.9109, for taxes payable in 2019. This is a decrease of 1.7484% from the 2017 state equalization factor of 2.9627.
A Bigger Decrease Was Expected
The Department issues a multiplier for each county by comparing actual sales prices with property assessments over a three-year period. If the median level of assessment varies from the 33 1/3% level required by law, the equalization factor is assigned.
In January, a tentative multiplier of 2.8366 was issued, an estimated 4.256% decrease from the prior year. The difference in the tentative and final figure stems from assessment reductions by the Cook County Board of Review that were not previously part of the calculation.
Taxes May Still Rise
This smaller decline in the 2018 Cook County State Multiplier could still result in higher than expected real estate taxes for 2018 when the second installment tax bills are released later this year, depending on the final local tax rates.
Property owners have limited control over tax rates and none for the issued equalization factors. That's why it's crucial to make sure your property is correctly assessed.
Please feel free to reach out to POER to make sure your property is valued correctly. Contact Bob Tivnan at 630-413-9381, BobTivnan@mfpoer.com, or Phil Utterback at 630-413-9385, PhilipUtterback@mfpoer.com.
Bob Tivnan, CMI
Managing Consultant - Chicago
Senior Account Relationship Executive
(630) 413-9385 PhilipUtterback@mfpoer.com