Commissioner Cardenas on Illinois Equalization Factor Bringing Stability to Cook County

For Immediate Release: May 21, 2024

Commissioner Cardenas Congratulates the Illinois Department of Revenue on Equalization Factor Bringing Stability to Cook County Taxpayers

Chicago, IL – Cook County taxpayers can find solace in the recent announcement from the Illinois Department of Revenue regarding the final 2023 property tax equalization factor of 3.0163. This critical multiplier ensures fairness in property assessments across Illinois, reinforcing the stability and integrity of our property tax system.

The equalization factor, mandated annually by state law, is a key instrument in maintaining uniformity in property assessments. It represents a meticulous comparison between actual property sales and the assessed values determined by county assessors. The 2023 figure reflects a three-year assessment period, aligning Cook County's average assessment level to the state-required 33 1/3 percent.

"The equalization factor does not cause individual tax bills to go up. Tax bills are determined by local taxing bodies when they request the dollars needed to provide services to citizens," the Illinois Department of Revenue emphasized. This clarification underscores that the equalization factor's purpose is to ensure equitable assessments, not to increase tax bills directly.

Cook County's property assessments follow specific guidelines: homes, condominiums, and small apartment buildings are assessed at 10 percent of their market value, similar to vacant lots and larger residential properties. Not-for-profit entities and commercial and industrial properties are assessed at 25 percent, while incentives are in place to assess commercial or industrial development in economically struggling areas at a mere 10 percent.

This complex but essential process by the Illinois Department of Revenue is a testament to their role as guardians of assessment justice. Their efforts ensure that property owners across Cook County can stand on common ground when it comes to sharing the communal financial burden, contributing to a fair and balanced tax system.

I extend my heartfelt congratulations and gratitude to the Illinois Department of Revenue for their dedication and expertise in maintaining assessment fairness. Their work is crucial in fostering a stable economic environment for Cook County taxpayers.

For further information, please contact:

Office of Commissioner Cardenas [Contact Information]